In a report released yesterday, Steve Fleishman from Wolfe Research upgraded MasTec to a Buy, with a price target of $227.00.
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Steve Fleishman has given his Buy rating due to a combination of factors that suggest a promising future for MasTec. The company is positioned well as the gas infrastructure sector approaches a turning point, with anticipated growth in data centers and utility capital expenditures serving as additional positive factors. The renewable energy and fiber segments are expected to maintain stable growth, and the company is projected to experience robust growth beyond 2026, potentially closing the valuation gap with its peer, Quanta Services (PWR).
Fleishman notes that MasTec’s stock performance has been strong, yet there is significant potential for further growth, particularly in the gas pipeline sector. The company’s management has shown confidence by hiring a substantial number of new workers, indicating strong demand. Additionally, the utility sector is experiencing bullish trends, with capital expenditure plans increasing significantly. The renewable energy sector also shows positive momentum, with most projects progressing despite regulatory challenges. These factors collectively contribute to the Buy rating with a price target of $227.
In another report released yesterday, Roth MKM also maintained a Buy rating on the stock with a $210.00 price target.