Quanta Services (NYSE:PWR) Stock Analysis: Analyst Projects 22% Upside with $775 Price Target Amid Strong Growth and Record Backlog

• Analyst Chad Dillard of Bernstein set a new price target of $775 for Quanta Services, suggesting a potential upside of approximately 22.07%.
• The company forecasts robust financial performance, with projected Earnings Per Share (EPS) of $4.90 (a 47.15% increase year-over-year) and estimated revenue of $10.96 billion (a 43.64% rise).
• Quanta Services boasts a record backlog of $53 billion, prompting raised 2026 revenue guidance to a range of $39.30 billion to $39.70 billion and adjusted EPS guidance of $16.45 to $16.95.

Quanta Services (NYSE:PWR) is a specialty contractor that provides infrastructure solutions for the utility, communications, and energy industries. The company, with a market capitalization of approximately $95.45 billion, focuses on building and maintaining power grids, pipelines, and communication networks. On September 24, 2026, analyst Chad Dillard of Bernstein set a new price target of $775 for Quanta Services.

This new target suggests a potential upside of about 22.07% from the stock's price of $634.90 at the time of the announcement. This positive outlook is shared by many in the financial community. The stock holds an average brokerage recommendation (ABR) of 1.29 on a scale of 1 to 5, where 1 is a "Strong Buy." Notably, 24 out of 28 brokerage firms rate Quanta Services a "Strong Buy."

Investors are anticipating strong financial results in the company's next earnings report. The forecast for Earnings Per Share (EPS) is $4.90, which would be a 47.15% increase from the same quarter last year. EPS shows how much profit a company makes for each share of its stock. This growth is a key factor supporting the optimistic price target.

Revenue is also projected to see significant growth, with estimates at $10.96 billion for the quarter, a 43.64% rise from the year-ago period. This growth is partly driven by recent acquisitions, including Phalcon and Enerfab. As highlighted by Zacks Equity Research, these new companies are expected to contribute between $1.20 billion and $1.40 billion in revenues for 2026.

Reflecting this strong performance and future demand, Quanta Services reports a record backlog of roughly $53 billion. A backlog represents the total value of contracted future work. Due to this, the company raised its 2026 revenue guidance to a range of $39.30 billion to $39.70 billion and its adjusted EPS guidance to between $16.45 and $16.95.