MasTec drops as Baird downgrades on lingering headwinds

MasTec

17/01/2024 15:32

** MasTec Inc's  MTZ.N  shares down 3.5% at $66.70 on Weds
after Baird downgrades engineering and construction firm to
"neutral" from "outperform" on more balanced risk/reward in near
term
    ** MTZ, on course for 4th straight session decline, hits
lowest since Dec 11
    ** Expected rev recovery faces lingering headwinds, Baird
says, pointing to telecom capex cuts from the major carriers and
clean energy recovery "still lacking visibility, particularly
against steady backlog decline"
    ** But Baird says shares are not expensive and longer-term
secular growth opportunities are key positives, and hikes PT by
$18 to $75
    ** Now, 8 of 11 analysts rate MTZ "buy" or "strong buy",
rest have "hold", per LSEG
    ** Median PT of $72.50 up from $65 a month ago, but down
from $117.50 on Oct 17
    ** With move on the session, MTZ down ~30% over the past
year, while S&P 400 Construction & Engineering index  .SPMDCCSE 
is roughly flat over same time frame