In a report released today, Sherif El-Sabbahy from Bank of America Securities reiterated a Buy rating on Quanta Services, with a price target of $500.00.
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Sherif El-Sabbahy’s rating is based on Quanta Services’ consistent ability to exceed expectations, as demonstrated by their Q3 EBITDA surpassing consensus by 4%. The company has also raised its outlook by 3% this quarter, driven by strong performance across its core markets and a record backlog of $39.2 billion. This growth is attributed to Quanta’s strategic expansion of its Total Solution platform and selective project acquisition, solidifying its position as a leading solutions provider.
Additionally, Quanta’s growth is supported by elevated utility capital expenditures, allowing the company to choose projects that balance its base business with larger initiatives like the NiSource project. This project, a joint venture with Zachry, highlights Quanta’s collaborative approach and its capability in energy generation and infrastructure. Consequently, El-Sabbahy has raised the price objective to $500, reflecting the company’s strong growth prospects and strategic positioning in the market.
In another report released on October 23, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $494.00 price target.