Quanta Services (PWR +2%) is downgraded to Market Perform from Outperform with a $22 price target, cut from $29, at FBR Capital, which cites project delays within both electric transmission and pipeline; a shift in revenue mix toward smaller, low-margin projects; competitive pressures; and labor and equipment utilization inefficiencies, some of which could continue to pressure results for several quarters.
As a result, the firm sees investors remaining on the sidelines pending greater visibility into the bidding outlook for electric transmission in 2016 and beyond, and a rebound in profitability, particularly within electric transmission.
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