Analyst Marc Bianchi of TD Cowen maintained a Buy rating on Quanta Services (PWR – Research Report), boosting the price target to $355.00.
Marc Bianchi has given his Buy rating due to a combination of factors including Quanta Services’ strong performance and positive outlook. The company reported a solid first-quarter performance, surpassing expectations in both revenue and EBITDA, primarily driven by its electric infrastructure solutions. Management’s optimistic tone, highlighting robust demand from utilities and data centers, further supports this positive assessment.
Additionally, Quanta Services has demonstrated resilience despite uncertainties related to the Inflation Reduction Act and trade issues, maintaining high visibility into future projects. The company’s backlog reached a new high, with significant contributions from recent transmission upgrade awards. The raised guidance for fiscal year 2025 and continued momentum in backlog growth, particularly in hyperscale data center demand and grid capacity upgrades, reinforce the long-term growth potential. These factors collectively underpin Marc Bianchi’s Buy rating for Quanta Services.
In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $360.00 price target.