MasTec price target raised to $356 from $270 at Truist

Truist analyst Jamie Cook raised the firm’s price target on MasTec (MTZ) to $356 from $270 and keeps a Buy rating on the shares after its Q4 earnings beat. The company continues to make progress on improving profitability, with adjusted EBITDA margin up 60 bps y/y, driven by strength in Pipeline while margins in the rest of the portfolio declined, albeit modestly, the analyst tells investors in a research note. Communications margins were weighed down by start-up costs on certain programs and Power Delivery hurt by permitting delays on Greenlink and less storm work versus the prior year, the firm added.