MasTec price target raised to $150 from $121 at Stifel

Stifel raised the firm’s price target on MasTec to $150 from $121 and keeps a Buy rating on the shares. Main takeaways from the firm’s Q3 transmission & distribution E&C survey include a notable sequential improvement in T&D activity in the quarter, in part driven by improved emergency restoration demand amid recent hurricane activity, and relatively softer trends continuing in gas distribution, the analyst tells investors. The firm continues to believe the recent rally in utility equities, lower interest rates, and load growth from data centers, on-shoring, and electrification bode well for the T&D outlook and believes improving second half T&D activity “could prove to be a notable catalyst for the space,” the analyst added.