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Fly News Breaks for November 20, 2019
MTZ
Nov 20, 2019 | 11:11 EDT
Stifel analyst Noelle Dilts raised her price target for MasTec to $79 from $74 after the company announced a financing transaction for a portion of Chairman Jorge Mas' and Jose Mas' common stock utilizing financing arrangements involving prepaid variable forward contracts against MasTec common stock. In a research note to investors, Dilts says that while she believes the need to obtain liquidity to support these ventures is the most significant driver of the transaction, the strong run in shares to above $70 was likely a consideration. She doesn't view transaction as a sign that the family sees deterioration in the MasTec outlook or that shares are overvalued, but instead suggests that the Mas brothers view the current valuation as closer to "fair" than it has been over the past year.
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