Craig-Hallum downgrades MasTec to Hold, says shares reflect business outlook

As previously reported, Craig-Hallum analyst Christian Schwab downgraded MasTec to Hold from Buy with a $97 price target. MacTec is expecting a slower start to 2023 with impacts from project pushouts and start up headwinds as well as some supply challenges, the firm notes. However, with record backlog of about $13 billion, management stated it has strong visibility into its reiterated 2023 revenue outlook.