UPDATE: Deutsche Bank Raises PT on MasTec Following Model Update

In a report published Tuesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on MasTec MTZ, and raised the price target from $38.00 to $40.00.

In the report, Deutsche Bank noted, “We are publishing our updated model for MTZ to reflect changes in EBITDA calculation and outlook for individual segments. Our new numbers reflect upside to our previous estimates for the Oil and Gas segment for 2013 and in 2014, and downside to the prospects for Power Generation and Electrical Transmission segments. We expect positive share price momentum to continue as margins expand across segments driven by wireless expansion, mainline pipeline build, and a maturing transmission business. We also see upside to power gen and transmission estimates if bidding/utilization improve, but we do not assume this in our estimates. Buy, raise price target to $40.”

MasTec closed on Monday at $34.20.