Truist Raises PT on Quanta Services (PWR) Stock

Quanta Services, Inc. (NYSE:PWR) is one of the Best Fundamental Stocks to Invest in According to Billionaires. On April 20, Truist lifted its price objective on the company’s stock to $713 from $643, while keeping a “Buy” rating on the shares. This forms part of the broader research note, which previews Q1 results of the companies in the broader machinery, infrastructure services, and multi-industry sector.

Truist Raises PT on Quanta Services (PWR) Stock

Notably, post the contraction of the period of 3 years, the March US Manufacturing PMI came at 52.7 after the positive readings in January and February. Furthermore, the firm continues to witness positive setup for Q1 results throughout the broader Industrials sector. The firm also believes that the strength is critical, considering the worries that the Iran war might impact the healthy industrial recovery.

Also, channel destocking is now in the past, added the firm, while noting that there are improvements in the industrial and cyclical markets, such as construction and mining equipment, commercial vehicles, and semiconductors.

Quanta Services, Inc. (NYSE:PWR) offers specialized infrastructure solutions to the broader utility, power generation, load center, communications, pipeline, and energy industries.

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