MasTec price target raised to $150 from $125 at Craig-Hallum

Craig-Hallum raised the firm’s price target on MasTec (MTZ) to $150 from $125 and keeps a Buy rating on the shares. The firm notes MasTec reported strong results with strong margin execution driving better than expected profitability despite the timing of some project start pushouts. While the company’s EBITDA was better than expected in Q3 and expectations were raised for the full year 2024 from $975M to $990M, it is worth noting the more material EPS beat in Q3 and raised forward EPS expectations were supported by a lowered depreciation expense, Craig-Hallum adds.