These Analysts Increase Their Forecasts On MasTec Following Q4 Results

Author: Avi Kapoor | March 04, 2024 09:03am

MasTec, Inc. (NYSE:MTZ) reported better-than-expected fourth-quarter financial results after the closing bell on Thursday.

MasTec posted adjusted earnings of 60 cents per share, beating market estimates of 44 cents per share. The company’s quarterly sales came in at $3.280 billion versus expectations of $3.263 billion, according to data from Benzinga Pro.

Jose Mas, MasTec's Chief Executive Officer, commented, "Fourth quarter results were in line with our expectations after a challenging 2023. We look forward to the opportunities we have this year and expect to deliver record levels of revenue and adjusted EBITDA in 2024. Demand is very strong for our services, and I expect 2024 will position us to deliver double digit revenue and earnings growth in 2025 and beyond."

MasTec said it expects 2024 revenue of approximately $12.5 billion and adjusted earnings of $2.69 per share.

MasTec sees first-quarter revenue of around $2.6 billion and adjusted loss of approximately 48 cents per share.

MasTec shares gained 12.4% to close at $84.85 on Friday.

These analysts made changes to their price targets on MasTec after the company reported quarterly results.

• Keybanc raised the price target on MasTec from $92 to $97. Keybanc analyst Sangita Jain maintained an Overweight rating.
• Baird boosted the price target on MasTec from $70 to $89. Baird analyst Andrew Wittmann maintained a Neutral rating.
• TD Cowen increased the price target on MasTec from $85 to $105. TD Cowen analyst Marc Bianchi maintained an Outperform rating.

 

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Posted In: MTZ