Quanta Services price target raised to $784 from $654 at Stifel

Stifel analyst Brian Brophy raised the firm’s price target on Quanta Services (PWR) to $784 from $654 and keeps a Buy rating on the shares. Q1 results were above expectations and the firm believes the announced near-doubling of square footage capacity across manufacturing, fabrication, and logistics is “more meaningful than meets the eye,” the analyst tells investors. This “likely reflects an award at Cupertino from a major hyperscaler to build modularized data centers leveraging off-site construction,” contends the analyst, who thinks major awards associated with this development could occur in subsequent quarters.