B. Riley lowered the firm’s price target on MasTec to $129 from $138 and keeps a Buy rating on the shares. MasTec declined 17% post earnings as the stock was priced for perfection and guidance was lower than expected, the analyst tells investors in a research note. However, the firm points to the company’s longer-term growth outlook, 2024 catalysts, and potential valuation upside. It reduced estimates to reflect near-term headwinds.
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Read More on MTZ:
- MasTec price target lowered to $116 from $135 at Citi
- MasTec price target lowered to $120 from $135 at Barclays
- MasTec 2023 lowers adj EPS view to $3.75-$4.19 from $4.64-$4.91, consensus $4.51
- MasTec reports Q2 adjusted EPS 89c, consensus 85c
- MasTec Announces Second Quarter 2023 Financial Results with Record Revenue and Updates Guidance for the Year
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