- Bernstein initiates FPS at Outperform with a $48 target, citing a peer discount and forecasting 70% EPS CAGR through 2030 versus roughly 60% consensus.
- As modular data centers rise from 40% to 60% of construction by 2030, integrated systems could expand FPS’s content opportunity 55% to $2.8M/MW.
- FPS’s 30–50% shorter lead times, available capacity and vertical integration support share gains; non-hyperscaler share is 7% versus 4% overall, alongside a first hyperscaler win.
- Bernstein forecasts EBITDA margin expanding 500 bps to 28% by 2030 through utilization, SG&A leverage and mix; positive revisions are the proposed catalyst.
Investment pitches
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