On October 2, Quanta rose 3.03% in regular trading, trading at $661.305/share, with turnover of $185 million. The stock gained momentum as multiple investment banks recently issued upgraded ratings and raised price targets for the company.

On the news front, Bernstein upgraded Quanta from Market Perform to Outperform on September 25, raising its price target from $748 to $775, citing that skilled construction crews are replacing power availability as the core bottleneck in AI infrastructure buildouts. According to analysts polled by FactSet, Quanta currently carries an average Buy rating with a mean price target of $798.54. The company's total backlog has surged to a record $53.4 billion, up 49% year-over-year, driven primarily by AI data center expansion.

The bullish sentiment is further supported by Quanta's strong Q2 results reported on July 30, in which adjusted EPS of $4.24 beat the consensus estimate of $3.30 by over 28%, while revenue of $9.56 billion exceeded the $8.61 billion estimate. The company also raised full-year guidance significantly, projecting adjusted EPS of $16.45 to $16.95 versus the prior FactSet consensus of $14.01, and revenue of $39.3 billion to $39.7 billion versus the prior estimate of $35.01 billion.

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