These Analysts Increase Their Forecasts On MasTec Following Q4 Results
Portfolio Pulse from Avi Kapoor
MasTec, Inc. (NYSE:MTZ) reported Q4 earnings surpassing expectations with adjusted earnings of 60 cents per share against estimates of 44 cents, and sales of $3.280 billion versus expected $3.263 billion. CEO Jose Mas anticipates record revenue and adjusted EBITDA in 2024, with strong demand for services. MasTec expects 2024 revenue of $12.5 billion and adjusted earnings of $2.69 per share, despite anticipating a Q1 adjusted loss of 48 cents per share. Following the report, MasTec shares surged 12.4% to $84.85. Analysts from Keybanc, Baird, and TD Cowen adjusted their price targets on MasTec, reflecting optimism.
March 04, 2024 | 1:03 pm
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POSITIVE IMPACT
MasTec reported higher than expected Q4 earnings and sales, with a positive outlook for 2024, leading to a 12.4% increase in share price and analysts raising price targets.
The positive earnings report and optimistic future revenue and EBITDA projections for 2024 have significantly boosted investor confidence, as reflected in the share price surge and analyst upgrades. The anticipation of record levels of revenue and adjusted EBITDA in 2024, despite a projected Q1 loss, suggests strong future performance. Analysts' raised price targets further validate the positive outlook, likely contributing to continued investor interest and potentially higher stock prices in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100