Truist raised the firm’s price target on Quanta Services (PWR) to $548 from $521 and keeps a Buy rating on the shares after its Q3 earnings beat. The company’s adjusted EBITDA was $858M exceeded consensus on 25.7% adjusted EBITDA growth, and its segment performance was also strong across Electric and Underground Utility, the analyst tells investors in a research note. The real showstopper was Quanta’s announcement that it is officially entering the new power generation market in a more meaningful way through its Total Solutions Power Generation Platform which will provide fully integrated solutions to high-quality customers for their power generation development strategies, the firm added.
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