On July 29, Quanta declined 3.05% in regular trading, trading at $570.26/share, with turnover of $200 million. The stock has been under sustained pressure following multiple investment bank downgrades ahead of its second-quarter earnings report.
On the news front, JPMorgan downgraded Quanta from Overweight to Neutral on July 21, slashing its price target from $805 to $714. Earlier, Jefferies also lowered its target from $857 to $784. The concentrated downgrades from major institutions have weighed on sentiment as the company prepares to release Q2 results on July 30 pre-market, with consensus EPS expectations at $3.03. The wave of target cuts has intensified a wait-and-see attitude among investors ahead of the earnings release.
Within the Construction and Engineering sector, broad-based weakness persisted. Comfort Systems USA fell 5.01%, EMCOR Group declined 3.71%, and Sterling Construction dropped 3.19%, reflecting sector-wide selling pressure.
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