MYR Group Shares Surge Past Analyst Target Price of $139

Recently, shares of MYR Group Inc (Symbol: MYRG) have exceeded the average analyst target price of $139.00, trading at $147.10 per share. When a stock reaches an analyst’s target, there are typically two responses: a downgrade based on valuation or a revision of the target price to a higher level. The analyst’s reaction may depend on the company’s recent business developments, guiding the decision on whether to adjust the target price upward.

Within the Zacks coverage universe, there are five different analyst targets for MYR Group Inc contributing to the average. Although the average is a mathematical average, it includes analysts with lower projections, such as one forecasting a price of $124.00, and another setting a target as high as $159.00. The standard deviation among these targets is $13.546.

Examining the average MYRG price target serves to harness a “wisdom of crowds” approach, aggregating insights from multiple analysts rather than focusing on a single viewpoint. With MYRG surpassing the average target price of $139.00 per share, investors are prompted to reassess the company’s potential. They must consider whether $139.00 is just a temporary benchmark on the path to a higher target or if the valuation has reached a point where profit-taking may be advisable. Below is a summary of current analyst insights on MYR Group Inc:

Recent MYRG Analyst Ratings Breakdown
»	Current	1 Month Ago	2 Month Ago	3 Month Ago
Strong buy ratings:	4	4	3	3
Buy ratings:	0	0	0	0
Hold ratings:	1	0	1	1
Sell ratings:	0	0	0	0
Strong sell ratings:	0	0	0	0
Average rating:	1.4	1.0	1.5	1.5

The average rating in the table is scored from 1 to 5, where 1 is Strong Buy and 5 is Strong Sell. This analysis utilized data provided by Zacks Investment Research through Quandl.com.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.