Baird downgraded MasTec to Neutral from Outperform with a price target of $75, up from $57. The downgrade follows the recent rally in the shares as the analyst sees lingering project risk and 2024 estimate risk given headwinds to the company’s expected revenue recovery. Weak telecom carrier capex projections provide a headwind to 2024 expectations, the analyst tells investors in a research note.
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