Quanta Services (PWR) PT Raised to $288 at Baird

Baird analyst Andrew Wittmann raised the price target on Quanta Services (NYSE: PWR) to $288.00 (from $287.00) while maintaining a Outperform rating.

The analyst commented: "The acquisition of Cupertino Electric brings another thematically relevant electrical market under PWR's purview (data centers and modular electrical systems) while adding additional capacity to the company's existing renewable energy services base (mid-sized utility-scale solar/battery storage). Purchase price appears attractive for double-digit growth CAGR projections, at discount to PWR, and is expected to be accretive to earnings, FCF and returns. Balance sheet supports (just over 2x, pro forma, with plan for <2x by year-end). Net, PWR continues to expand capabilities as an electrification solutions provider."

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