Craig-Hallum upgrades MasTec to Buy, says recent selloff overdone

As previously reported, Craig-Hallum analyst Christian Schwab upgraded MasTec to Buy from Hold with a $98 price target. The firm believes the recent pullback of 45% since MasTec reported its Q3 results has been overdone and is taking the opportunity to upgrade shares to a Buy while maintaining a $98 price target, based on 9-times EV/EBITDA on its 2024 EBITDA estimate of $1.201B. While experiencing some challenges in the near term, Craig-Hallum believes the company continues to be positioned for strong growth in its Clean Energy business.