Quanta Services upgraded to Buy from Hold at Jefferies

Jefferies upgraded Quanta Services (PWR) to Buy from Hold with a price target of $469, up from $398. The company’s total addressable market is expanding across data centers, renewables, transmission, and pipelines, the analyst tells investors in a research note. The firm sees Quanta’s “top-tier” customers and craft-labor leverage driving high-teens earnings growth into next decade. The stock’s current valuation, which has pulled back from the summer’s highs, provides an attractive entry point., contends Jefferies.