Stifel remains buyer of Quanta Services on weakness

Stifel analyst Brian Brophy reiterated a Buy rating and $215 price target on Quanta Services, saying the firm remains a buyer of the shares following weakness related to headlines of a new lawsuit contesting about 50 miles of the roughly 550 mile SunZia transmission project due to archaeological concerns raised by two Native American tribes. The firm believes the current worst-case is a temporary stoppage on the contested portion of the project. Stifel added that Quanta remains its best idea for 2024.