MasTec price target raised to $175 from $134 at Piper Sandler

Piper Sandler analyst Kashy Harrison raised the firm’s price target on MasTec (MTZ) to $175 from $134 and keeps an Overweight rating on the shares. The firm notes the company beat quarterly EBITDA expectations for the sixth consecutive quarter and raised 2025 EBITDA guidance. More importantly, MasTec anticipates continued backlog growth through year-end with the company specifically calling out renewables order momentum in Q2, large Pipeline awards in the second half of the year, and large Power awards in late 2025 or early 2026.