UPDATE: Piper Jaffray Raises PT to $30 on Quanta Services on Incremental Opportunity
Piper Jaffray reiterates its Overweight rating on Quanta Services (NYSE: PWR) and raises its price target on shares from $28 to $30.
Piper Jaffray says, "We reiterate our OW rating on PWR and raise our PT to $30 ($28 previously) following checks of select U.S. electricity transmission projects that imply $1.6b in incremental project win opportunity for PWR over the next 2 years. We note these projects do not represent a comprehensive list of the entire transmission opportunity. We spoke with multiple power companies which are planning transmission projects with construction starting from 2H12-2014. We estimate that if PWR wins 60% of these projects, it likely drives $0.34 in incremental EPS over the next 2-3 years, with an estimated $0.12 in 2013."
PWR closed at $23.15 on Wednesday.
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