Quanta Services gains on Jefferies' rating upgrade, street-high target price

Shares of energy contractor Quanta Services PWR.N rise nearly 3% to $400.97 premarket

Jefferies upgrades PWR to "buy" from "hold," raises PT to street-high $469 from $398, nearly 20% upside to last close

Brokerage sees continued expansion in co's total addressable market across data centers, renewables, transmission, and pipelines

Notes Quanta’s solid execution, long-standing customer relationships, and ability to manage skilled labor effectively are likely to support steady, high-teens EPS growth through next decade

Average rating by 32 analysts is "buy;" median PT $430 - data compiled by LSEG

YTD, as of last close, PWR up nearly 24%, in line with rise in S&P 500 Construction & Engineering .SPLRCCONT