Goldman Sachs upgraded Quanta Services to Buy from Neutral with a price target of $211, down from $214. Given the company’s continued execution track record and greater exposure to “seemingly more resilient” customers, the pullback in shares presents investors an opportunity to gain exposure, the analyst tells investors in a research note. The firm believes the selloff following several challenging market headlines have created an opportunity, especially given that Quanta’s major customers have reiterated their growth ambitions in renewable spending as well as transmission and distribution projects.
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