TD Cowen lowered the firm’s price target on Quanta Services to $205 from $235 and keeps an Outperform rating on the shares. The firm said the company exceeded low expectations as the renewable business seems immune to challenges faced by peers. Utility CapEx deferral into 2024 is real and Cowen wonders if budgets are slow to reload. While their estimates move slightly lower, they see upside to 2024 consensus driven by exceptionally strong backlog coverage and what should be improving margins.
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Read More on PWR:
- Quanta Services price target lowered to $200 from $230 at B. Riley
- Quanta Services price target lowered to $202 from $219 at Baird
- Quanta Services sees FY23 adjusted EPS $7.00-$7.20, consensus $7.13
- Quanta Services reports Q3 EPS $2.24, consensus $2.11
- QUANTA SERVICES REPORTS THIRD QUARTER 2023 RESULTS
