Why Is Infrastructure Construction Company MasTec Stock Surging Today?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 01 2024
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Source: Benzinga
Company Performance: MasTec, Inc. reported a revenue of $3.25 billion for the quarter, missing expectations, but raised its FY24 adjusted EPS guidance from $3.03 to $3.75 and provided a positive fourth-quarter outlook with an adjusted EPS estimate of $1.29.
Financial Highlights: The company achieved an adjusted EBITDA of $305.9 million, increased its backlog to $13.9 billion, and significantly exceeded cash flow targets, resulting in a 10.6% rise in share price to $135.88.
Analyst Views on SHRT
Wall Street analysts forecast SHRT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SHRT is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 7.240
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Current: 7.240
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
