Craig-Hallum upgrades MasTec to Buy on reaccelerating growth

As previously reported, Craig-Hallum upgraded MasTec (MTZ) to Buy from Hold with a price target of $96, up from $50. The firm notes MasTec reported solid Q4 results and guided 2024 in line with Street expectations. Following several quarters of negative estimate revisions, the company’s outlook has stabilized with growth expected from here broadly across the business, Craig-Hallum adds. The firm also points out that the company continues to see its Clean Energy business growing double-digits in 2024, with reaccelerating growth beyond a seasonal Q1 and tailwinds from renewable energy infrastructure builds. In Communications management highlighted strong improving momentum with large customer, AT&T (T), which they expect to ramp in the second half of the year and to drive double-digit topline growth for the segment in 2025.