Quanta Services price target raised to $414 from $364 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Quanta Services (PWR) to $414 from $364 and keeps a Buy rating on the shares. The firm is positive on the stock and the trading multiple with the belief that over the longer-term, the substantial volume of transmission and distribution spending will continue to provide support to shares even in periods of AI headline driven softness, the analyst tells investors in a research note. Goldman adds however that there is a relatively better understanding of the fundamental drivers of estimates and a recognition among investors that under 10% of revenue comes from data centers.