MasTec Rated A Buy At Wunderlich (MTZ)

Wunderlich Securities rates shares of MasTec

a Buy after the company reported stronger than expected second quarter numbers. It has a $13 price target on shares. In a note to clients Wunderlich Securities states, "MasTec (

) reported 2Q10 revenue and EPS of $495 million and $0.18, respectively, beating Street estimates and ours. We've raised our 2010 revenue and EPS estimates to $2.1 billion and $0.93, from $2.0 billion and $0.88, respectively. We've lowered our 2011 EPS estimate solely due to an increase in share count. The business opportunities MTZ is currently seeking are projects of an ever-larger scope as the U.S. seeks to add renewable energy capacity and upgrade the existing grid. Revenue and earnings should show significant growth in 3Q10 and 4Q10 as the Ruby Pipeline construction project has begun. MTZ shares appear undervalued relative to peers. We rate MTZ shares Buy with a $13 target." Shares of MasTec are down 2 cents to $10.67.