DA Davidson Reiterates Buy Rating on Comfort Systems USA (FIX)

DA Davidson analyst Brent Thielman reiterated a Buy rating and $810.00 price target on Comfort Systems USA (NYSE: FIX).

The analyst commented, "Another notable bookings quarter and strong organic growth/margins cap 3Q (well above expectations)...Backlog was +65% Y/Y (+15% Q/Q) or +62%Y/Y and +13% Q/Q organic. BTB was 1.5x vs. our 1.0x estimate. 2Q BTB was 1.6x - the continued strength in BTB especially within a seasonally higher revenue burn quarter is notable (avg. 3Q BTB over the last 5 years is 1.1x). Total bookings were $3.7B - of note was a jump in bookings at its Indiana operations ($546M) and TX operations ($326M) with the tech sector highlighted (data centers). Modular was 18% of the total Y/Y same-store increase in backlog and 15% of the total Y/Y same-store increase in GP. The additional disclosure around Modular contributions this quarter suggests increasing relevance of this operation to overall financial performance, while also an indication of strength also seen in the core (non-Modular) operations. Business pipeline (for both core and Modular) should be of interest."

For an analyst ratings summary and ratings history on Comfort Systems USA click here. For more ratings news on Comfort Systems USA click here.

Shares of Comfort Systems USA closed at $825.00 yesterday.

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