MasTec price target raised to $171 from $143 at Stifel

Stifel raised the firm’s price target on MasTec (MTZ) to $171 from $143 and keeps a Buy rating on the shares. Q1 results exceeded expectations, primarily driven by Communications, while backlog increased 24% year-over-year and implied orders were up 42%, the analyst tells investors. Pipeline backlog should continue to grow in 2025 and helps support greater than $2.1B of revenue in 2026, which was a target that was reiterated, the analyst added.