Bernstein raises Quanta Services PT on strong growth potential

Bernstein raises price target on energy contractor Quanta Services PWR.N to $538 from $515, new PT still representing a 2% downside to stock's last close

Brokerage notes that PWR aims to capture a much larger market, worth $2.4 trillion, double the size it was in 2022, by leveraging its unique advantage in skilled labor

PWR’s biggest strength is its large, craft‑skilled workforce of ~70,000 employees; company expects to add roughly 7,000–10,000 more workers to support its targeted top‑line compound annual growth rate - Bernstein

Adds that company exhibits recruitment, training and retention strategies that will meet customer needs and drive the next leg of growth opportunities

PWR 1.2% at $555.6 premarket

Median PT of 32 brokerages covering the stock is $605.5 - data compiled by LSEG

As of last close, PWR up 30.1% YTD