On August 19, Quanta rose 3.28% in pre-market trading, trading at $708.0/share, with turnover of $4.83 million, rebounding after the prior session's 3.62% decline alongside the broader Construction & Engineering sector.
On the news front, multiple Wall Street investment banks have recently raised their price targets on Quanta: Goldman Sachs lifted its target from $826 to $902, maintaining a Buy rating; Jefferies raised its target from $784 to $833, maintaining Buy; KeyBanc upgraded the stock from Sector Weight to Overweight with an $807 target; and Guggenheim upgraded to Buy from Neutral with an $800 target.
The analyst upgrades followed Quanta's strong Q2 earnings reported on July 30, in which adjusted EPS of $4.24 beat the consensus estimate of $3.30 by 28%, while revenue of $9.56 billion exceeded the $8.61 billion estimate. The company also raised its full-year adjusted EPS guidance to $16.45-$16.95, well above the prior FactSet consensus of $14.01, and lifted its revenue outlook to $39.3-$39.7 billion versus the prior estimate of $35.01 billion.
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