UBS Cuts Price Target Ahead of Quanta Services (PWR) 3Q Results
UBS maintained a Buy rating on Quanta Services (NYSE: PWR), and cut the price target to $23.00 (from $28.00), following the company's pre-announced 3Q results. PWR is now expecting unadjusted EPS of $0.22-$0.24, vs. prior guidance of $0.34-$0.40. PWR is scheduled to report 3Q earnings on 11/05/2015.
Analyst Steven Fisher commented, "Last Friday, PWR pre-announced a Q3 earnings disappointment, now expecting unadjusted EPS of $0.22-$0.24, vs. prior guidance of $0.34-$0.40. Quanta did not provide an update of the adjusted guidance it typically gives (was $0.40-$0.46 for Q3; consensus $0.45), but presumably the $0.10-$0.18 reduction in range in the reported guidance ($0.14 mid point) applies to the adjusted results as well. Quanta also indicated that Q4 revenues would likely be $200m below its prior estimate (we calculate the prior estimate was ~$1.8-$2.0b) due to competition and delays."
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Shares of Quanta Services closed at $19.31 yesterday.