02:25 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our target to $265 from $235, valuing shares at 27.6x our 2025 EPS estimate, a premium to PWR's three-year average of 23.8x. We believe the premium is warranted highlighting the strong demand for its solutions enabling energy transition and modernizing infrastructure. We keep our 2024 EPS forecast at $8.42 but raise 2025's to $9.59 from $9.43. PWR posted Q1 adj-EPS of $1.49 vs. $1.24 a year ago, $0.12 ahead of consensus. Q1 revenue rose 14% Y/Y to $5.03B (topping consensus by $90M), led by robust growth in renewable generation project activity in its Renewable Energy segment (+60%). Softer results were seen in Electronic Power (flat) and Underground and Infrastructure (flat). Total backlog increased 18% to $29.9B, reflecting steady momentum for 2024. We suspect demand for PWR's services will continue to grow, albeit at a slower pace (9% in 2024 and 8% in 2025 vs. 22% revenue uptick in 2023), keeping our outlook neutral now that PWR trades at a sizable premium relative to historical averages (23%).