Stifel analyst Brian Brophy resumed coverage of Quanta Services with a Buy rating and $212 price target as the firm resumes coverage of three Specialty Engineering & Construction companies. The firm views these as “pick-and-shovel” ways to play the renewable energy transition, related growth in transmission and distribution investment, and tailwinds from IRA and IIJA funding, the analyst tells investors. The recent pullback in the group creates an attractive entry point, the analyst added.
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