MasTec downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded MasTec to Neutral from Buy with a $54 price target. The analyst believes there are investor concerns around the willingness to apply a multiple premium compared to the company’s long term historical average given the “significant changes” in its guidance and challenges with the acquisition of IEA. The firm continues to see long term potential in MasTec’s assets, but says the stock is likely to remain under pressure until investors gain confidence in the high grading of the current backlog.