MasTec (MTZ) Stock Forecast & Price Target

MasTec is supported by a record backlog of about $24.5 billion, a strong ~1.6x book-to-bill, and management’s confidence in 2027 consensus, suggesting durable demand across communications, power delivery, CE&I, and pipeline infrastructure. The positive outlook is reinforced by accelerating data-center and gas-generation activity, more than $1 billion of LNTPs not yet in backlog, Superior’s roughly $1.8 billion backlog, and Pipeline delays that appear to be timing shifts rather than lost revenue. With expected margin recovery, record Power Delivery bookings, improving cash generation, and more than $1 billion in operating cash flow expected in FY26, the company appears positioned for healthier growth and stronger shareholder returns.

MasTec is facing a weaker earnings trajectory as FY27 revenue was cut to $21.49 billion and adj. EPS to $12.25, with FY26 also only modestly improved, signaling limited near-term operating leverage. Communications remains a major drag, with Q3 revenue down about 12% year over year and EBITDA margin compressing roughly 460 bps to about 6.7%, while Pipeline recovery looks slower after an ~800 bps sequential margin decline in 3Q and a lower 4Q26 margin assumption. On top of that, the company’s fixed-price, customer-concentrated, highly regulated business model leaves profitability exposed to project delays, cancellations, and cost overruns, supporting a more cautious view.