Quanta upgraded to Outperform from Hold at Daiwa (Friday)

As previously reported, Daiwa analyst Dennis Ip on Friday morning upgraded Quanta Services (PWR) to Outperform from Hold with an unchanged price target of $280. The firm says the “near-term market shock” has been mostly priced in with the 27% share price correction. Quanta is likely to see limited impact from potential inflation thanks to its “edge” in the local supply chain of grid equipment including power transformers and distribution transformers versus peers, with exposure to third party or non-U.S. suppliers, the analyst told investors in a research note.