Truist raised the firm’s price target on Quanta Services (PWR) to $375 from $324 and keeps a Buy rating on the shares after its Q1 earnings beat. The print was impressive on every measure, with sales, margins and backlog growth exceeding expectations across the portfolio, the analyst tells investors in a research note. Quanta believes its full year guide takes into consideration the potential changes to the IRA, though to date, the company has not seen any material shifts in capital plans from renewable energy customers, the firm adds.
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