FBR Research Downgrades Quanta Services (PWR) to Underperform
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FBR Research downgrades Quanta Services (NYSE: PWR) to Underperform and lowering price target to $16 from $27
FBR analyst says, "Late Friday, a Texas judge put into jeopardy the time line for Texas CREZ ($5 billion), the third negative news event over the past week that may be the straw that breaks Quanta's multiple in the near term. This follows last week's news regarding FPL's failed rate case in the state of Florida and the delay of PATH and MAPP transmission lines, which weighed heavily on investor confidence and the share price. Given limited near-term catalysts, we suspect Quanta's premium multiple is at risk, as investors lose patience awaiting backlog build from large electric transmission projects...We continue to believe the long-term outlook for capital investment into the electric transmission infrastructure is positive; however, near-term uncertainty exists. Investors can't avoid the negative headlines impacting electrical contractors, and as such, this should have a negative impact on multiples until large projects reemerge and cause backlog to build."
To see all the upgrades/downgrades on shares of PWR, visit our Analyst Ratings page.
Quanta Services, Inc. (Quanta) is a provider of specialty contracting services.
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