MasTec price target lowered to $91 from $116 at Citi

Citi analyst Andrew Kaplowitz lowered the firm’s price target on MasTec to $91 from $116 and keeps a Buy rating on the shares. The analyst thinks most engineering and construction companies are well positioned to deliver “solid” Q3 results and good earnings growth in 2024 given a mix of elevated backlog and self-help optionality. When coupled with a recent pullback in the shares, the group offers “a good buying opportunity,” the analyst tells investors in a research note.