Quanta Services price target lowered to $342 from $366 at Citi

Citi lowered the firm’s price target on Quanta Services to $342 from $366 and keeps a Buy rating on the shares. The firm expects Q1 results across its engineering and construction coverage to broadly meet or beat Street expectations. However, forward commentary by management teams could signal more uncertainty across project activity given increasing risk of an economic slowdown, the analyst tells investors in a research note. Citi believes higher input costs for customers from tariffs and economic uncertainty could lead to customers re-evaluating projects and capex decisions. Quanta Services (PWR) is the firm’s top pick followed by MasTec (MTZ) and KBR (KBR).