UPDATE: Goldman Sachs Downgrades Quanta Services to Sell on Unfavorable Risk/Reward

Goldman Sachs reduced its Quanta Services

from Neutral to Sell and lowered the price target from $24 to $23. Goldman Sachs commented, "We downgrade PWR to Sell as we think consensus 2013 EPS is too high and believe risk/reward is skewed negatively. Our 2013 EPS is 7% below consensus as we believe it will be difficult for the gas segment to return to normalized profitability and electric transmission growth will slow. We see 1% downside vs. 23% upside over the NTM across coverage." Quanta Services closed at $23.50 on Wednesday.