MasTec downgraded to Hold from Buy at Craig-Hallum

Craig-Hallum downgraded MasTec to Hold from Buy with a $50 price target after the company reported Q3 results and guided the remainder of 2023 “well below” expectations. When the firm had previosly upgraded shares on October 12 following “an already significant negative stock price move,” it had taken estimates for Q3 and 2023 below the low-end of the company’s guidance, but unfortunately the results and the company’s outlook “proved much worse than feared” and the firm is now downgrading shares until it has better confidence the negative revisions are truly over, the analyst tells investors.