Quanta Services Inc

PWR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$863.00	Bvm	Llggcvp

Quanta Services Earnings: Renewables Segment Drives an Increase in Guidance

Brett Castelli

Aug 3, 2023

We raise our fair value estimate for no-moat Quanta Services to $138 per share from $132 following its second-quarter results. The primary driver is an increase in our renewables segment revenue expectations, which are expected to be materially higher than our prior estimate. We continue to like Quanta's end-market exposure and solid execution but consider these already reflected in its valuation and see shares as overvalued at current prices.

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