UPDATE: Wunderlich Securities Initiates Coverage on MasTec with Buy Rating, $37 PT on Expected Exposure-Driven Growth

In a report published Friday, Wunderlich Securities analyst Jason A. Wangler initiated coverage on MasTec MTZ with a Buy rating and $37.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of MasTec, Inc. (MTZ) with a Buy rating and $37 price target. MasTec specializes in the engineering, building, installation, maintenance, and upgrade of energy, utility, and communications infrastructure throughout North America. The company has roots to construction firms that began nearly 80 years ago in Florida; it now has over 12,000 employees and 400 locations throughout North America. As recently as 2007, it focused entirely on Communications work, but has since focused on growing its Oil & Gas and other energy verticals based on the spending expected over the next few years in the energy space. As such, we are initiating coverage with the expectation that MasTec's energy exposure will continue to grow and create value for the company and its investors.” MasTec closed on Thursday at $32.55.