Quanta Services (PWR) PT Raised to $130 at Cowen; Bullish on Blattner Acquisition

Cowen analyst Marc Bianchi raised the price target on Quanta Services (NYSE: PWR) to $130.00 (from $110.00) while maintaining an Outperform rating as they are positive on the Blattner acquisition.

The analyst commented, "Pending acquisition of Blattner adds exposure to the high growth renewable power construction market and complements PWR's leadership position in Electric T&D. Deal is attractive on valuation and accretive to per share metrics while strong cash flows could allow PWR to offset added leverage by YE'22. We increase our estimates and target to reflect a 4Q21 close and reiterate our Outperform rating."

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