FBR Capital Raises Price Target on MasTec (MTZ) to $35 Following Strong 2Q
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FBR Capital reiterated an Outperform rating on MasTec (NYSE: MTZ), and raised the price target to $35.00 (from $25.00), following the company's 2Q earnings report. Full-year guidance was raised, including revenue of $5B (from $4.8-$5B); EBITDA of $440M (from $415M-$430M); adjusted EPS of $1.57 (from $1.37-$1.47).
Analyst Alex Rygiel commented, "On August 4, MTZ announced 2Q16 results that significantly exceeded our estimates and consensus and that were at, or above, the high-end of management's guidance. The quarter was positively affected by the lack of problem projects, past right-sizing of certain businesses to better match demand, and improved execution on projects as they enter the construction phase. Backlog was up on a YOY basis, mostly due to new O&G awards; management restated its expectation of O&G backlog above the YE 2015 record level of $2B by YE 2016, given the pipeline of projects nearing awards. The O&G segment will drive revenue growth and margin expansion in the intermediate term; however, management continues to see opportunities across all of its end markets, providing strong visibility into 2017 and beyond. We raise our estimates and our price target to $35 (from $25); we reiterate Outperform."
Shares of MasTec closed at $28.25 yesterday.
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