JPMorgan Starts MasTec (MTZ) at Overweight

JPMorgan analyst Drew Chamberlain initiates coverage on MasTec (NYSE: MTZ) with a Overweight rating and a price target of $153.00.

The analyst comments: "Mastec, once a market-leading US specialty contractor focused on the communications and oil & gas end markets (~80% of FY18 revenue), began a strategic shift in 2021 through large- and small-scale acquisitions to reorient the company toward growing renewables and power delivery markets. Integrating the acquisitions has not been without challenges, as project delays and cost overruns weighed on profits and stressed balance sheet leverage. Today, we believe the pain points are largely behind MTZ and that industry-wide tailwinds and company-specific execution improvements are clearing visibility into MSD-HSD top-line growth and a plausible margin expansion in the medium-term."

For an analyst ratings summary and ratings history on MasTec click here. For more ratings news on MasTec click here.

Shares of MasTec closed at $127.13 yesterday.

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