MasTec price target raised to $120 from $111 at Baird

Baird raised the firm’s price target on MasTec to $120 from $111 and keeps an Outperform rating on the shares. The analyst said the company’s portfolio actions are starting to demonstrate potential, with 2H23 contribution likely much stronger against better overhead leverage and as remaining legacy projects and supply chain delays ease. Not new, but eventually a pivot we think will be reflected in valuation, with solid earnings trajectory and backlog visibility.