UPDATE: Deutsche Bank Initiates Coverage on Quanta Services with Buy Rating, $31 PT

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In a report published Monday, Deutsche Bank initiated coverage on Quanta Services
PWR
with a Buy rating and $31.00 price target. Deutsche Bank noted, “We remain bullish on the longer term growth prospects of companies involved in the transmission sector as we expect a combination of significant underinvestment, growing demand and changing policy requirements to drive 3x increase in North American transmission spending over the next 10 years. Quanta's dominant position, strong balance sheet and preferred employer status in a tight labor market should enable share gains in the transmission sector. We see additional upside from the pipeline business as key long haul projects receive regulatory approval in early 2013. Mix shift to long haul business should drive margin and share price upside, in our view.” Quanta Services closed on Friday at $26.02.
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Posted In: Analyst ColorInitiationAnalyst RatingsDeutsche Bank
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