Shares of MasTec Inc (NYSE:MTZ) continued their upward trajectory in early trading on Tuesday, after climbing last week on the company's raised 2024 adjusted earnings guidance.
Despite the recent rally, the stock has more runway. The Coral Gables, Florida-based company's Power Delivery, Clean Energy & Infrastructure (CE&I), and Communications segments are "turning the corner," according to Truist Securities.
Analyst Jamie Cook upgraded the rating for MasTec from Hold to Buy, while raising the price target from $133 to $173.
The MasTec Thesis: The company's Power Delivery, CE&I, and Communications segments are poised for revenue growth and margin expansion, Cook said in the upgrade note.
Check out other analyst stock ratings.
MasTec is "solidifying its positioning in utility transmission and distribution through the Henkels & McCoy acquisition and in renewables through the IEA acquisition," the analyst stated.
The company and rival Quanta Services Inc (NYSE:PWR) are both "well positioned to lead the market and grow given competitive advantages which include scale, workforce, and balance sheet," he added.
Price Action: Shares of MasTechad risen by 3.22% to $136.87 at the time of publication on Tuesday.
Read More: MasTec Stock Rallies 31% in the Past 6 Months: Is MTZ a Buy Right Now?
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
