MasTec price target raised to $109 from $96 at Truist

Truist raised the firm’s price target on MasTec to $109 from $96 and keeps a Hold rating on the shares. The company’s margin performance was largely in line across the portfolio, with Oil & Gas performance leading the way, though its guide implies margins should continue to improve throughout the year while exiting 2024 in the high single digit range, the analyst tells investors in a research note. MasTec can and would be opportunistic on M&A that furthers diversity and enhances its growth opportunities ahead, Truist added.