What Happened?
Shares of infrastructure solutions provider Quanta (NYSE: PWR) jumped 4% in the afternoon session after an analyst at Truist Securities raised the price target on the stock from $472 to $521. The analyst, Jamie Cook, maintained a "Buy" rating on Quanta Services. This adjustment represented a 10.38% increase in the price target and indicated a positive outlook for the company. The confidence in the company's future performance appeared to be supported by strong demand for its services, as it ended the second quarter with a total backlog of $35.8 billion.
After the initial pop the shares cooled down to $438.79, up 4% from previous close.
Is now the time to buy Quanta? Access our full analysis report here.
What Is The Market Telling Us
Quanta’s shares are not very volatile and have only had 6 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The previous big move we wrote about was 14 days ago when the stock gained 3.3% on the news that Jefferies upgraded the stock to 'Buy' from 'Hold' and increased its price target to $469 from $398.
The upgrade reflected the investment firm's view that Quanta would benefit from market growth across several sectors, including data centers, renewables, and transmission. Jefferies noted the company's "best-in-class execution, deep ties with top-tier customers, and craft-labor leverage" as key factors. These strengths were seen as supporting durable high-teens earnings per share growth over the next decade. The firm projected an 18.4% compound annual growth rate for Quanta's earnings per share from 2026 to 2030, which was slightly above the consensus estimate.
Quanta is up 39.1% since the beginning of the year, and at $438.79 per share, has set a new 52-week high. Investors who bought $1,000 worth of Quanta’s shares 5 years ago would now be looking at an investment worth $7,437.
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