Cantor Fitzgerald analyst Manish Somaiya reiterated a Neutral rating and $235.00 price target on Powell Industries (NASDAQ: POWL).

The analyst commented, "Earlier today, we met CEO Brett Cope and CFO Mike Metcalf at POWL's Houston headquarters, followed by a tour of the manufacturing facility. The meeting reinforced our view: POWL continues to benefit from strong, broad-based demand across data centers, utilities, and traditional industrial markets. Management re-emphasized that it has seen no change in the underlying demand environment; utilities continue to be the focus for longer-duration opportunities. Importantly, capacity does not appear to be a constraint on executing the backlog already in hand. POWL aims to unlock additional throughput across its existing manufacturing network, supplementing owned capacity with leased facilities where appropriate. We reiterate our Neutral rating and $235 PT."

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Shares of Powell Industries closed at $184.47 yesterday.