DA Davidson Upgrades Quanta Services (PWR) to Neutral; Topping Esitmates by Improved Execution

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DA Davidson upgraded Quanta Services (NYSE: PWR) from Underperform to Neutral, price target raised from $20 to $25.

Analyst, John B. Rogers, said, "At current price levels the stock is trading at a substantial premium to other construction companies based on multiples of earnings and EBITDA, however, the price levels are likely sustainable given the current growth momentum."

"With notable backlog growth, the prospects for continued gains in electrical construction activity seem attractive. Additionally, management’s increased focus on smaller diameter gathering pipeline work should support improved earnings later this year." (FY12 EPS estimate increased from $1.09 to $1.20 and FY13 from $1.25 to $1.40)

For an analyst ratings summary and ratings history on Quanta Services click here. For more ratings news on Quanta Services click here.

Shares of Quanta Services closed at $23.50 yesterday, with a 52 week range of $15.37-$24.06.

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