TD Cowen analyst Marc Bianchi maintained a Buy rating on Quanta Services (PWR – Research Report) today and set a price target of $335.00.
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Marc Bianchi has given his Buy rating due to a combination of factors that reflect a positive outlook for Quanta Services. Despite initial guidance for the first quarter appearing slightly below expectations, the company’s historical performance of outperforming initial forecasts provides confidence. Bianchi notes that Quanta Services’ management remains optimistic about future growth, driven by ongoing demand for generation and reliability in the power sector.
Additionally, the company’s renewable backlog has shown growth after previous declines, indicating a positive trend. While the stock showed some weakness on the day of the report, Bianchi attributes this to broader macroeconomic factors rather than any issues specific to Quanta Services. The company’s robust financial guidance and strategic positioning in the industry further support the Buy recommendation.
In another report released today, Bernstein also reiterated a Buy rating on the stock with a $347.00 price target.