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Quanta Services (PWR)

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We are downgrading our Neutral recommendation on Quanta Services (PWR) to Underperform with a $18 target price. The company's customers and demand for its services continue to be negatively impacted by the generally slow economy.

The company has pursued its strategy of avoiding low-margin work. The company experienced slow growth in the first nine months of 2010 and provided a weaker revenue and EPS guidance for the remainder of the year.

Our long-term Underperform recommendation on the stock indicates that it will lag behind the broader market. Our target price is $18.00 or 17.3 X 2011 EPS, which is well within the historical range.




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