Bernstein downgraded Quanta Services (PWR) to Market Perform from Outperform with a price target of $410, up from $383, implying 3% downside. The firm believes the recent shift in energy policy in the U.S. will slow the renewable build-out. The “impact is too big to ignore” for Quanta, the analyst tells investors in a research note. Bernstein points out renewable is 30% of the company’s sales. While one-time project pull-forwards should boost 2026 and 2027 estimates, the structural changes underway will likely cut Quanta’s long-term earnings growth from 17% annually to 12%, it contends.
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