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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of MasTec (NYSE: MTZ ) surged more than 11% on heavy volume in early trading but have since settled to up about 1% as of this writing.
So what: A broad tech stock sell-off may have started the pullback, but the initial burst of buying is understandable. Analysts at Credit Suisse issued a report this morning in which they expressed "great confidence" in the underlying growth story.
Now what: They aren't alone. Wall Street believes increased demand for MasTec's expertise in building the physical infrastructures needed for energy and communications delivery will result in 13% annualized profit growth over the next five years.
By comparison, the stock trades for 15 estimated earnings. The resulting 1.15 PEG ratio suggests today's investors should enjoy years of reasonable, if unspectacular, returns.