On August 12, Quanta rose 3.98% in pre-market trading, trading at $693.921/share, with turnover of $1.1202 million.
On the news front, Goldman Sachs raised its price target on Quanta from $826 to $902 on August 11, maintaining a Buy rating — the highest target among Wall Street firms. This follows a string of bullish analyst actions: KeyBanc upgraded the stock to Overweight from Sector Weight on August 7 with an $807 target, and Guggenheim upgraded to Buy from Neutral on July 31 with an $800 target.
The wave of upgrades stems from Quanta's strong Q2 results reported July 30, with adjusted EPS of $4.24 beating the $3.30 consensus by 28.5%, and revenue of $9.56 billion surpassing the $8.61 billion estimate. The company simultaneously raised full-year adjusted EPS guidance to $16.45-$16.95, well above the prior $14.01 consensus, and lifted revenue guidance to $39.3-$39.7 billion versus market expectations of $35.01 billion.
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