Northland downgraded Quanta Services (PWR) to Market Perform from Outperform with an unchanged price target of $354. The stock trades with the basket of AI-related companies and the growing demand for its services is partly due to the increasing demand for electricity to run data centers. However, it is “not a fabless semiconductor company” and its growth scales with headcount, augmented by acquisitions, notes the analyst, who believes that “the law of large numbers” and diminishing large M&A opportunities will slow Quanta’s growth.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PWR:
- Quanta Services price target raised to $413 from $369 at UBS
- Quanta Services price target raised to $414 from $364 at Goldman Sachs
- Quanta Services Approves Equity Plan Amendment at Annual Meeting
- Quanta Services price target raised to $370 from $360 at Piper Sandler
- Quanta Services: Strong Performance and Positive Outlook Drive Buy Rating