Quanta Services initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Quanta Services (PWR) with an Overweight rating and $520 price target The Engineering & Construction sector is entering a multi-year investment cycle fueled by grid modernization, electrification, energy transition initiatives, and rising power demand from data centers and reshoring, while increasing utility capex is driving record backlogs, offering strong near-term revenue visibility and a durable long-term project pipeline, the analyst tells investors in a research note. Quanta Services is essential for a multi-year cycle of grid modernization, electrification, and rising power demand, Cantor says.