Jefferies Upgrades Quanta Services To Buy, Stock Gains 3%

Jefferies upgraded Quanta Services (NYSE: PWR) from Hold to Buy and raised its price target to $469 from $398, citing robust long-term growth opportunities across multiple sectors. Shares rose more than 3% on Wednesday.

The brokerage highlighted expansion in total addressable markets including data centers, renewable energy, transmission, and pipelines. It said Quanta's execution, strong customer relationships, and craft-labor leverage positioned it for sustainable high-teens EPS growth through the next decade.

Jefferies modeled an 18.4% compound annual EPS growth rate from 2026 to 2030, above the consensus of 17.9%, and described current valuations as an attractive entry point following a pullback from summer highs.