Quanta Services price target raised to $685 from $495 at Goldman Sachs

Goldman Sachs analyst Ati Modak raised the firm’s price target on Quanta Services (PWR) to $685 from $495 and keeps a Buy rating on the shares. The company’s strategy is setting up the business to compound earnings growth through the remainder of this decade, through existing businesses having leverage to high growth areas such as transmission and distribution, and recently acquired businesses such as technology and load center focused capabilities adding new high growth avenues, the analyst tells investors in a research note. The firm expects EPS to grow at a 17%-18% compound annual growth rate between 2025-2030, driven by multiple avenues of growth in the power infrastructure value chain.