Quanta Services price target raised to $340 from $270 at Argus

Argus raised the firm’s price target on Quanta Services to $340 from $270 and keeps a Buy rating on the shares. The firm is citing its favorable view of the company’s prospects while noting that it ended Q2 with a record backlog of $31.3B, the analyst tells investors in a research note. Quanta stands to benefit from accelerated capital spending by utilities, the expansion of 5G services and rural broadband, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act, Argus adds, also raising its FY24 EPS view by 10c to $8.80 and its FY25 view by 29c to $10.10.