According to Street Insider this morning, Deutsche Bank has initiated coverage on Quanta Services (PWR) with a Buy rating and price target of 28. 
 
Deutsche analyst says, “Quanta, a leading specialty contractor servicing the electrical power market, is well positioned to benefit from the anticipated spike in transmission-related investment. To accommodate the rising mix of renewable energy, utilities and grid operators are increasingly turning to Quanta to help build transmission networks. With an attractive valuation and several positive catalysts on the horizon, we recommend investors to accumulate shares… We project that US utilities will double the amount of money they spend on transmission projects per year between 2008 and 2011 and that Quanta is uniquely positioned to benefit from this investment…In addition to building transmission lines to connect renewable generating assets to the grid, Quanta is quickly establishing itself as a leading contractor for developing wind and solar farms.”

Quanta (PWR) has been steadily trending up off the last November lows, nearly doubling.  It’s now carving out a base within a larger base and a breakout above 25 would be very bullish. 

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