TD Cowen lowered the firm’s price target on MasTec to $120 from $130 and keeps an Outperform rating on the shares. The firm lowered its estimates as growth businesses missed 2Q and implied EBITDA guidance for these businesses was collectively lowered below their 2H assumptions. The company is confident 2024 will show strong improvement but credibility will need to be restored.
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Read More on MTZ:
- MasTec price target lowered to $116 from $135 at Citi
- MasTec price target lowered to $120 from $135 at Barclays
- MasTec 2023 lowers adj EPS view to $3.75-$4.19 from $4.64-$4.91, consensus $4.51
- MasTec reports Q2 adjusted EPS 89c, consensus 85c
- MasTec Announces Second Quarter 2023 Financial Results with Record Revenue and Updates Guidance for the Year