TD Cowen raised its price target on Solv Energy Inc (NASDAQ: MWH) to $35 from $32 on Tuesday, maintaining a Hold rating while citing a second-quarter earnings beat and raised guidance.
The stock climbed about 9% following the release of results that showed revenue rose 77% year-over-year to $951 million, driven by faster project execution and larger new-construction work. First-half revenue totaled $1.63 billion, up 72% from the prior-year period. Adjusted EBITDA reached $117 million in the quarter and $210 million for the first six months.
Analyst Marc Bianchi highlighted implied awards of roughly $1.65 billion, representing a book-to-bill ratio exceeding 1.7x and providing visibility through 2027–2028. Solv Energy also raised its full-year outlook, attributing the change to strong demand for solar, battery storage and grid infrastructure projects.
The company’s market capitalization stands at $5.68 billion. TD Cowen forecasts fiscal 2026 revenue growth of 58%, while InvestingPro data indicates the stock is undervalued with analyst targets implying 52% upside potential.
