Quanta Services

PWR · NYSE

$596.00−$22.41 (−3.62%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $618.41

PWR analyst rating

BuyConsensus of 21 analysts over the last 12 months. 81% rate it a buy.

Strong buy0
Buy17
Hold4
Underperform0
Sell0

12-month price target · 31 analysts

Average $803.99 (+34.9% upside)

Low: $422.38
Now: $596.00
High: $1,024.80

Upgrades and downgrades

The latest rating actions, newest first

PWR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Oct 5, 2026	Maintains	Buy	$976.00 → $945.00	59%
Piper Sandler	Sep 28, 2026	Maintains	Overweight	$731.00 → $714.00	38%
Bernstein	Sep 24, 2026	Upgrade	Market Perform → Outperform	$748.00 → $775.00	53%
Piper Sandler	Sep 9, 2026	Initiates	Overweight	$731.00	38%
Keybanc	Aug 7, 2026	Upgrade	Sector Weight → Overweight	$807.00	47%
TD Cowen	Aug 3, 2026	Maintains	Buy	$775.00 → $785.00	51%
Truist Securities	Aug 3, 2026	Maintains	Buy	$940.00 → $976.00	59%
Mizuho	Aug 3, 2026	Maintains	Neutral	$659.00 → $741.00	44%
Citigroup	Jul 31, 2026	Maintains	Buy	$837.00 → $871.00	63%
JP Morgan	Jul 21, 2026	Downgrade	Overweight → Neutral	$714.00	48%

The case for and against

Updated Oct 14, 2026

Bull case

Quanta Services is structurally positioned to compound through a multi-year utility and electrification capex cycle, supported by aging transmission replacement, regulator-mandated hardening, and rising load from AI, reshoring, EVs, and data centers. Its bullish case is reinforced by best-in-class execution, with ~1.6x book-to-bill, more than 75% of NTM revenue covered by 12-month backlog, roughly 85% self-performed work, and a 24-quarter streak of beating or matching Street EBITDA and EPS since 3Q19. Strong workforce scale, disciplined M&A, and margin-accretive mix shift into large-load and hyperscaler projects also support upside, with revenue and adjusted EBITDA estimates for 2028 at $53.4B and $5.7B and a 2030 revenue view of $63.0B.

Bear case

Quanta Services is viewed negatively because its growth story is increasingly capped by labor scarcity and execution risk, not demand, since craft workers take three-to-five years to train and the company’s own disclosures highlight shortages of journeyman linemen, program managers, supervisors, and foremen. Its margin profile also looks vulnerable: about 61% of FY25 revenue is fixed-price, so tariff, materials inflation, and supply-chain shocks can flow through earnings before being recovered, while acquisition integration keeps corporate expense elevated and limits operating leverage. Despite strong backlog visibility and revenue/employee up 5.6% CAGR since 2020 to $410K, the stock still trades at ~18.4x FY28E EV/EBITDA, a premium that appears hard to justify given conservative 2026/2028/2030 EBITDA margin assumptions of 10.7%/10.7%/10.1%.

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