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UPDATE: FIG Partners Initiates MasTec with $25 PT on Pipeline Outlook

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FIG Partners initiated coverage on MasTec (NYSE: MTZ) with a $25 price target.

FIG Partners said, "Demand for MTZ's services is strong and backlog continues to build up. We think that MTZ might even enjoy a ramp up in larger diameter pipelines activity in 2013 NYSE (MTZ's sweet spot is currently between 24 and 42 inches of diameter). The two Marcellus projects that hurt the margins in the 1H of 2012 are behind us and margins should improve from here. Revenues from the pipeline segment were $774 million in 2011; we expect a 2012 exit rate close to $900 million. This leads us to believe that the pipeline segment may become MTZ's first $1 billion revenue segment."

MasTec closed at $21.22 on Monday.

Latest Ratings for MTZ

DateFirmActionFromTo
Dec 2014BarclaysMaintainsOverweight
Dec 2014Stifel NicolausMaintainsBuy
Nov 2014BarclaysMaintainsOverweight

View More Analyst Ratings for MTZ
View the Latest Analyst Ratings

Posted-In: FIG PartnersAnalyst Color Initiation Intraday Update Analyst Ratings

 

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