APi (APG) could post in line to slightly better Q1 results, and lift the midpoint of its full-year outlook on solid backlog and data center tailwinds, RBC Capital Markets said in a note Sunday.

RBC expects Q1 organic growth of over 9%, led by about 7% growth in Safety Services and 16% growth in Specialty Services, helped partly by easier comparisons.

The firm's more than $4 billion backlog, along with demand from data centers, advanced manufacturing, healthcare, utilities, and other resilient markets, should support continued growth through fiscal 2026, the report said.

The note also said its recurring and regulation-driven business should help protect its results regardless of construction cycles.

"APG's demonstrated resilience across prior macro headwinds,

combined with disciplined pricing and project selection, should sustain margin expansion in 2026," the report said.

RBC kept its outperform rating and $53 price target.

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