In a report released today, Alex Rygiel from B.Riley FBR reiterated a Buy rating on MasTec (NYSE: MTZ), with a price target of $71. The company’s shares opened today at $47.05.
Rygiel wrote:
“MasTec (MTZ) announced 2Q18 somewhat mixed results with lower-than- expected revenue, due to delays in a large O&G project, and higher margins which resulted in a modest adj. EBITDA and adj. EPS beat relative to our estimates. Management provided 3Q18 guidance which was below our expectations due in part to O&G and power gen. project delays; however, MTZ modestly raised guidance for the full year. Record backlog of $7.7B provides strong visibility through 2019. We are modestly raising our estimates and reiterate our $71 price target and Buy rating. We believe concerns over DSOs and project delays are overblown and will be proven out by the end of 2018 creating the upside potential to the shares from this level.”
According to TipRanks.com, Rygiel is a 5-star analyst with an average return of 13.7% and a 65.1% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Tutor Perini Corp, Quanta Services, and Dycom.
Currently, the analyst consensus on MasTec is a Strong Buy with an average price target of $63.25, implying a 34.4% upside from current levels. In a report issued on August 3, Canaccord Genuity also maintained a Buy rating on the stock with a $65 price target.
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MasTec’s market cap is currently $3.78B and has a P/E ratio of 11.53. The company has a Price to Book ratio of 2.75.
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MasTec, Inc. is an infrastructure construction company, which engages in engineering, building, installation, maintenance, and upgrade of communications, energy, and utility infrastructure. It operates through the following segments: Communications; Oil and Gas; Electrical Transmissions; Power Generation and Industrial; and Other.
