Rating: BUY | Price Target: $615 | Current Price: $560.63 Date: April 23, 2026 | Analyst: Claude Code | Next Earnings: April 30, 2026
Quanta Services is the dominant US electrical infrastructure EPC contractor, positioned at the center of three simultaneous structural demand shocks: AI data center power buildout, grid modernization from aging infrastructure, and industrial reshoring under IRA/CHIPS. With a record $44B backlog (+12% YoY), 2026 revenue guidance of $33.25–$33.75B (~18% growth), and management targeting 15–20% annual EPS growth through 2030, PWR offers a rare combination of earnings visibility and secular growth at a premium-but-justified valuation. We initiate with a BUY rating and 12-month price target of $615, implying ~10% upside to current levels with a more compelling risk/reward to the 2027 bull case of $685.