Quanta Services price target raised to $248 from $234 at Argus

Argus analyst John Staszak raised the firm’s price target on Quanta Services to $248 from $234 and keeps a Buy rating on the shares. The company’s Q2 ended with a record backlog of $28.2B, the analyst tells investors in a research note. The firm also believes that Quanta will benefit from accelerated capital spending by utilities, the expansion of 5G services and rural broadband, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act. Argus is also boosting its FY23 EPS view on the stock by 4c to $7.60.