Cantor Fitzgerald has initiated coverage of MasTec (NYSE:MTZ), assigning an Overweight rating alongside a $274 price target, which suggests a potential increase of about 12% relative to the current share price hovering near $244.57. This valuation places MasTec close to its 52-week peak of $249.21, reflecting recent market confidence.
The firm underscores MasTec's stature as a large, multi-sector infrastructure contractor that stands to benefit from enduring investment cycles spanning power delivery, communications, clean energy, and pipeline infrastructure. With a market capitalization approaching $19 billion, MasTec has recorded a notable 52.7% return on its stock price over the previous year, signaling strong market momentum.
Recent operational improvements have been credited to enhanced execution capabilities and margin expansion driven by disciplined project selection and a more balanced mix across business segments. Despite these gains, MasTec's gross profit margins remain modest, reported at 12.5%, indicating room for profitability enhancement.
MasTec’s backlog now totals approximately $16.8 billion, offering revenue visibility extending through 2026. The company's management adopts a conservative approach in defining backlog, counting only projects anticipated to commence within a 12 to 18-month window, which provides a clearer outlook on near-term project initiation.
Within specific business divisions, the Pipeline and Clean Energy segments exhibit sustained momentum as previously delayed projects progress through permitting stages into active construction phases. Meanwhile, the Communications and Power Delivery segments continue to benefit from consistent spending related to utilities and fiber infrastructure development.
Complementing Cantor Fitzgerald's coverage, other analysts have updated their valuations reflecting confidence in MasTec’s growth. Mizuho has set a $254 price target, highlighting expected pipeline sector growth and management's projection of exceeding $3.5 billion in annual revenues for this segment by 2027. KeyBanc elevated its price target to $246 following MasTec’s third-quarter results that surpassed consensus expectations despite setbacks involving the Greenlink project. Jefferies adjusted its target to $271, emphasizing the potential within the Power Delivery and Communications units. Additionally, Clear Street reaffirmed its Buy rating and assigned a $290 price target, citing the current share price as an attractive entry point.
Financially, MasTec reported strong second-quarter earnings for 2025, with revenues reaching $3.54 billion—a 20% year-over-year increase. Adjusted EBITDA measured at $275 million further underscores the company’s operational strength.
These updates collectively illustrate a broadly positive sentiment among equity analysts regarding MasTec’s diversified infrastructure operations and projected growth trajectory across its main market segments.