On August 7, Quanta rose 3.17% in pre-market trading, trading at $688.66/share, with turnover of $1.11 million.

On the news front, KeyBanc upgraded Quanta Services from Sector Weight to Overweight, setting a price target of $807, implying approximately 17% upside from current levels. The upgrade follows a wave of analyst actions spurred by the company's exceptional Q2 results reported on July 30.

In Q2, the company delivered adjusted EPS of $4.24, beating the consensus estimate of $3.30 by 28.5%, while revenue of $9.56 billion exceeded the $8.61 billion estimate by 11%. The company simultaneously raised full-year guidance significantly, now expecting adjusted EPS of $16.45 to $16.95 versus prior guidance of $13.55 to $14.25, and revenue of $39.3 billion to $39.7 billion versus prior guidance of $34.7 billion to $35.2 billion. Multiple firms have since adjusted their views, including Guggenheim upgrading to Buy with an $800 target and Mizuho raising its target to $741. The average analyst price target now stands at approximately $809.

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