On October 7, Quanta fell 3.4% in regular trading, trading at $695.115/share, with Turnover of $106 million. The decline followed Mizuho Securities lowering its target price on Quanta from $741 to $684, which acted as a direct intraday catalyst.
The stock had surged 5.29% on October 3 to close at $719.56, so the downward revision prompted some profit-taking. Despite the cut, several investment banks have recently maintained a positive stance on Quanta. The company reported strong second-quarter results, with adjusted EPS of $4.24 far exceeding the market expectation of $3.30, and it significantly raised its full-year guidance.
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