MasTec price target raised to $166 from $151 at B. Riley

B. Riley analyst Alex Rygiel raised the firm’s price target on MasTec (MTZ) to $166 from $151 and keeps a Buy rating on the shares. Strong margins resulted in a Q3 adjusted EBITDA and EPS beat, and record backlog of $13.9B positions the company well for 2025 growth and further margin expansion, the analyst tells investors in a research note. B. Riley believes MasTec shares have notable upside as the communications, power delivery, and clean energy and infrastructure segments re-accelerate growth and margins continue to improve over the coming quarters and years.