Truist raised the firm’s price target on MasTec (MTZ) to $253 from $248 and keeps a Buy rating on the shares. The company’s Q3 results saw strong double-digit growth across the entire portfolio as revenues of $3.067B increased 22% year-over-year, while EBITDA grew 20%, and more impressively, the growth was entirely organic, the analyst tells investors in a research note. Backlog of $16.8B also increased 21% year-over-year, including a large pipeline win, Hugh Brinson, the firm added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MTZ:
- MasTec price target raised to $240 from $237 at Stifel
- MasTec price target raised to $254 from $244 at Mizuho
- MasTec price target raised to $249 from $238 at Baird
- MasTec price target raised to $246 from $236 at KeyBanc
- MasTec’s Strategic Investments and Backlog Growth Justify Buy Rating Amid Short-term Challenges