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First Albany Starts Quanta Services with 'Buy'

First Albany initiates coverage of Quanta Services (PWR) with buy and a $10 target.

Analyst Sanjay Shrestha says Quanta is a specialty contractor to utility and telecom markets. He says the likely increase in transmission and distribution spending because of recent events should benefit the company, while its overall end markets remain weak.

He notes figures from Platts show there are about 191 projects worth some $27.5 billion in opportunity that are planned to go forward between 2004 and 2017. He says this timetable may be acclerated or adjusted by recent events. Shrestha sees 12 cents 2003 earnings per share, 35 cents 2004 earnings per share, and 50 cents in 2005. He sees $1.615 billion in 2003 revenues, $1.675 billion in 2004 revenues, and $1.780 billion in 2005 revenues.

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