Quanta Services (PWR) PT Raised to $110 at Cowen

Cowen analyst Marc Bianchi raised the price target on Quanta Services (NYSE: PWR) to $110.00 (from $105.00) while maintaining an Outperform rating.

The analyst commented, "PWR o/p peers after updating 2021 guidance implying ~2-3% upside to 2H consensus EBITDA. FCF guide was unchanged due to expected higher working capital requirements, but should still permit further stock repurchases absent M&A. We continue to like PWR for solid execution and a favorable T&D spending outlook. Importantly, our est's are above consensus and do not yet give credit for fiscal stimulus."

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