Shares of Sterling Construction Company (STRL) surged 5.6% in pre-market trading on Thursday, following an analyst upgrade from DA Davidson that cited improved prospects for the construction firm.
DA Davidson analyst Brent Thielman raised his rating on STRL to Buy from Neutral, while maintaining a price target of $185. The analyst's upgrade to a bullish stance likely drove increased buying interest in the stock ahead of the market open.
Additionally, Sterling Construction reported robust full-year 2024 earnings results on Wednesday. The company's net income soared 86% year-over-year, while its profit margin expanded to 12% from 7% in 2023. Earnings per share of $8.35 exceeded analyst expectations, further boosting investor sentiment towards STRL.
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