Piper Jaffray Raises PWR Target To $27, Revises CY11 Outlook

Piper Jaffray is raising its PT on Quanta Services, Inc. PWR to $27 from $21. “Our recent tradeshow visits confirmed a growing sense of guarded optimism for the overall outlook for CY11 as the shear number of utility based projects continues to grow is scale and scope,” Piper Jaffray writes. “Revising CY11 outlook and introducing CY12 estimates. We have adjusted our CY11 estimates to reflect some recent contract wins, most notably the award to design and install a statewide fiber optic network in Pennsylvania, which should generate ~$118M in revenue over the next two years.” Quanta Services closed Friday at $21.16.