Stifel Nicolaus Reiterating MasTec As Top Idea (MTZ)

Stifel Nicolaus is reiterating MasTec, Inc. MTZ as a Buy, and is raising its price target to $26, to $21.50. In a note to clients, Stifel Nicolaus writes, "Shares have pulled back 11.2% since reaching a 52-week high of $21.99 on 4/7/11 (S&P 500 declined 1.8% over the same period). We do not see any fundamental reason for the pullback and believe this represents an attractive entry point into the name. We believe that investors have begun to recognize that MasTec will be a major beneficiary of a number of powerful spending trends in the U.S. over the next several years. These trends include: wireless infrastructure upgrade, electric transmission and distribution investment, and oil and natural gas pipeline infrastructure investment." Shares of MTZ are up 72 cents to $20.50, a gain of 3.6%.