UPDATE: Baird Equity Research Upgrades Quanta Services On Positive Long-Term Outlook

In a report published Friday, Baird Equity Research analyst Andrew J. Wittmann upgraded the rating on

from Neutral to Outperform, but lowered the price target from $41.00 to $40.00. In the report, Baird Equity Research noted, “With shares providing better opportunity and 2H14 estimates more appropriately ‘de-risked,' we are upgrading to Outperform. Long positively biased, the secular themes behind PWR's business remain solid with evidence of a maturing cycle within Pipelines offering improving outlook for positive award catalysts. Specifically, removal of ‘uncommitted' project work from 2014 guidance helps de-risk more bullish near-term expectations, a positive. While we would prefer an even more compelling entry point, we believe today's levels provide a reasonable long-term basis in a quality franchise.” Quanta Services closed on Thursday at $33.49.