MasTec price target lowered to $119 from $136

UBS analyst Steven Fisher lowered the firm’s price target on MasTec to $119 from $136 and keeps a Buy rating on the shares. MasTec’s issues in Q2 were largely backward looking, and UBS feels it was mostly a shortcoming of M&A due diligence and some near-term delays in customer capital spending, but that the positive medium to longer term setup remains largely intact, the analyst tells investors in a research note. The firm expects MasTec to be on a better path within 12 months.