Quanta Services (PWR) PT Raised to $286 at B.Riley

B.Riley analyst Alex Rygiel raised the price target on Quanta Services (NYSE: PWR) to $286.00 (from $246.00) while maintaining a Buy rating.

The analyst commented: "Yesterday morning, on 5/2, Quanta Services (PWR) announced 1Q24 results that were ahead of our estimates on better than expected Electric Power segment margins. Backlog remains stable from YE23 at just under $30B, and is positioned to achieve record levels this year given strong demand and ongoing energy transition. Guidance for 2024 was modestly raised, while adj. EBITDA was reiterated at the midpoint. We are leaving our estimates mostly unchanged, raising our PT from $246 to $286, and reiterating our Buy rating. We believe Quanta Services is the best way to play the North American energy transition and increasing electric power load growth, given the company's leadership position, experience, and scale. We believe PWR's strong balance sheet positions the company well for future growth and increasingly providing strong free cash flow for either a higher dividend or greater share repurchases. We reiterate our Buy rating."

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