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.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
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