Quanta Services Stock Hits Record High On Friday As Brokerages Get Bullish After Q3 Report

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The firm raised its FY2025 guidance, projecting revenues between $27.8 billion and $28.2 billion

  • CITI, Roth Capital, and Argus raised their price targets after strong Q3 results 
  • Argus expects Quanta to gain from rising utility capital spending, 5G, and broadband expansion 
  • The company reported a 17.6% increase in Q3 revenue to $7.63 billion 
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Shares of Quanta Services Inc. (PWR) shot up over 3% to hit a record high of $469.15 on Friday, following a series of price target boosts by analysts after the company posted a strong third-quarter print. 

Citi raised its price target on Quanta Services to $526 from $517 and maintained a ‘Buy’ rating. The analyst noted that Quanta is well supported by strong demand trends across its core markets, according to TheFly.

Meanwhile, Roth Capital lifted its price target on the stock to $500 from $450 and reiterated a ‘Buy’ rating. The firm highlighted a solid Q3 performance despite a mixed Q4 outlook, citing a favourable 1.4x book-to-bill ratio, strength in the power segment, and disciplined execution.

Quanta Services also received a boost from Argus, which raised its price target to $540 from $470 and kept a ‘Buy’ rating. Analyst John Staszak expects Quanta to benefit from rising utility capital spending, 5G and broadband expansion, as well as ongoing investments under the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.

Q3 Revenue Outlook

Quanta Services reported a 17.6% year-over-year (YoY) increase in third-quarter revenue to $7.63 billion, beating street estimates, driven by strong performance in its electric infrastructure and underground utility segments.

Gross margin improved to 15.9% from 15.6%, while operating income increased 20% to $517.2 million.

The firm raised its full-year 2025 guidance, projecting revenues between $27.8 billion and $28.2 billion, up from its earlier range of $27.4 billion to $27.9 billion. 

It also expects adjusted earnings per share (EPS) of $10.33 to $10.83 and adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $2.77 billion to $2.88 billion, marginally tighter on the upper end.

PWR’s stock has gained more than 40% so far in 2025.

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