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.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PWR:
- Quanta Services’ Earnings Call: Strong Growth Amid Challenges
- Quanta Services price target raised to $480 from $410 at Evercore ISI
- Quanta Services price target raised to $540 from $470 at Argus
- Quanta Services price target raised to $490 from $446 at Baird
- Quanta Services price target raised to $500 from $450 at Roth Capital