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.
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