U.S. Markets closed
  • S&P 500

    4,280.15
    +72.88 (+1.73%)
     
  • Dow 30

    33,761.05
    +424.38 (+1.27%)
     
  • Nasdaq

    13,047.19
    +267.27 (+2.09%)
     
  • Russell 2000

    2,016.62
    +41.36 (+2.09%)
     
  • Crude Oil

    91.88
    -2.46 (-2.61%)
     
  • Gold

    1,799.70
    +10.00 (+0.56%)
     
  • Silver

    20.83
    +0.49 (+2.39%)
     
  • EUR/USD

    1.0257
    -0.0068 (-0.6565%)
     
  • 10-Yr Bond

    2.8490
    -0.0390 (-1.35%)
     
  • Vix

    19.53
    -0.67 (-3.32%)
     
  • GBP/USD

    1.2139
    -0.0064 (-0.5220%)
     
  • USD/JPY

    133.4800
    +0.4810 (+0.3617%)
     
  • BTC-USD

    24,454.90
    +648.14 (+2.72%)
     
  • CMC Crypto 200

    574.64
    +3.36 (+0.59%)
     
  • FTSE 100

    7,500.89
    +34.98 (+0.47%)
     
  • Nikkei 225

    28,546.98
    +727.65 (+2.62%)
     

MasTec Price Target Cut By Analysts Post IEA Deal Announcement

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Credit Suisse analyst Jamie Cook lowered the price target on MasTec, Inc. (NYSE: MTZ) to $102 (an upside of 44%) from $103 while maintaining the Outperform rating in the shares.

  • MTZ announced the acquisition of Infrastructure & Energy Alternatives Inc (NASDAQ: IEA) in a cash-and-stock transaction valued at $14 per IEA share and composed of 75% cash and 25% stock.

  • The analyst believes IEA aligns with the company's strategy to strengthen its positioning and profitability outside of Oil & Gas, particularly with IEA solving for Renewables and Henkels & McCoy in Power Delivery.

  • RelatedMasTec Acquires Infrastructure And Energy Alternatives For $1.1B

  • Cook believes the price for IEA was reasonable, although the timing for another deal was a bit earlier than expected, it accelerates MTZ's portfolio optimization story. Pro forma for IEA in 2023, oil and gas sits at only 13% of revenues vs. 32% in 2021.

  • B. Riley analyst Alex Rygiel lowered MTZ's price target to $86 (an upside of 21.6%) from $97 while maintaining the Buy rating on the shares.

  • The analyst states that this acquisition of Infrastructure and Energy Alternatives provides scale to MasTec's growing clean energy business adding 6,000 to headcount and entry into union markets.

  • Price Action: MTZ shares are trading higher by 3.70% at $70.89 on the last check Tuesday.

Latest Ratings for MTZ

Date

Firm

Action

From

To

Feb 2022

Barclays

Maintains

Overweight

Feb 2022

Credit Suisse

Maintains

Outperform

Dec 2021

Credit Suisse

Maintains

Outperform

View More Analyst Ratings for MTZ

View the Latest Analyst Ratings

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.