Benzinga | Oct 15, 2021 02:12PM EDT

B. Riley Analyst Views Quanta's Valuation 'Full,' Sees 5% Downside

* B. Riley analyst Alex Rygiel raised Quanta Services Inc (NYSE:PWR) price target to $107 (implying a downside of 5%) from $92 and maintained a Neutral rating on the shares.

* Rygiel increased estimates for the acquisition of Blattner and moved his valuation forward from 2021 to 2022 EBITDA estimates. However, the analyst believes Quanta's valuation is full.

* Recently, Quanta Services completed the previously the acquisition of Blattner Holding Company, a utility-scale renewable energy infrastructure solutions provider in North America, for consideration of ~$2.7 billion.

* Price Action: PWR shares are trading lower by 0.61% at $112.45 on the last check Friday.