Comfort Systems USA (FIX) is facing a "robust" project environment, with its strong backlog providing increasing visibility through H2 and 2026, UBS Securities said in a Thursday note.
The company posted a big Q2 beat as earnings increased to $6.53 per diluted share, from $3.74 a year earlier, and revenue rose to $2.17 billion from $1.81 billion. UBS said organic growth and earnings before interest, taxes, depreciation, and amortization margin during the quarter were also impressive at 19% and 15.4%, respectively.
"Blowout backlog suggests strong runway ahead," UBS added, noting the 16% sequential increase in Comfort Systems USA's Q2 backlog to $8.1 billion. The company's management indicated the the growth was broad-based, implying a robust bidding pipeline.
UBS said it raised its 2025 and 2026 earnings per share estimates for the company "materially" given the positive demand backdrop. The investment firm now estimates 2025 EPS of $22.65, from $18.86 previously, and 2026 EPS of $24.92, from $20.40.
UBS also raised its price target for Comfort Systems USA to $710 from $545, with a buy rating.
Shares of Comfort Systems USA were up more than 21% in recent Friday trading.
Price: 677.23, Change: +114.40, Percent Change: +20.33
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