UPDATE: Stifel Nicolaus Reiterates Buy Rating, Lowers PT on Quanta Services Following Investor Meetings

In a report published Monday, Stifel Nicolaus analyst Noelle Dilts reiterated a Buy rating on

, but lowered the price target from $34.50 to $33.50. In the report, Stifel Nicolaus noted, “Recently, we were fortunate to host Quanta's CEO Jim O'Neil, CFO Derrick Jensen, and IR Kip Rupp for a day of investor meetings. We came away from the meetings with continued confidence that the outlook remains strong for PWR in both the transmission and pipeline markets. We are, however, lowering our estimates for the pipeline market in 2H13 to reflect a more conservative stance regarding the timing of large project awards.” Quanta Services closed on Friday at $27.66.