MasTec (MTZ) Gets a Buy Rating from Canaccord Genuity


Canaccord Genuity analyst Robert Burleson maintained a Buy rating on MasTec (NYSE: MTZ) today and set a price target of $65. The company’s shares opened today at $44.40.

Burleson commented:

“We believe that there could be additional upside to 2018 numbers as we move forward with the year and in particular are encouraged by the backlog growth reported for the quarter led by Communications segment contributions. In particular we believe that the Communications backlog strength reflects that the anticipated industry investment cycle is upon us following delays. We expect the strong backlog to drive continued growth and earnings leverage in 2019 and beyond. We maintain our BUY rating and $65 price target.”

According to TipRanks.com, Burleson is a 5-star analyst with an average return of 13.2% and a 59.7% success rate. Burleson covers the Consumer Goods sector, focusing on stocks such as IPG Photonics Corporation, Faro Technologies, and Nano Dimension.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for MasTec with a $63 average price target.

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Based on MasTec’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $80.31 million. In comparison, last year the company had a net profit of $81.67 million.

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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.

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