Bernstein Upgrades Quanta Services to Outperform, lifts Price Target to $775

Bernstein upgraded Quanta Services (PWR) to Outperform and raised the price target to $775 from $748. The analyst cited EPS growth at a ~25% CAGR versus Street expectations of ~15%, and said the AI data center bottleneck is shifting from power availability to skilled labor, an area where Quanta has scale. The transmission project pipeline has grown ~25% to $170B since 2025. Bernstein expects higher-value transmission, MEP, and fabrication work to support margin expansion, and forecasts ~$15B of free cash flow through 2030 for acquisitions and expansion.