MTZ: M&A Call Supports Superior Thesis; Updating Estimates and Price Target

研报英文原文证据摘录

MTZ: M&A Call Supports Superior Thesis; Updating Estimates and Price Target

Power Technology

MasTec, Inc. (MTZ)

EQUITY RESEARCH Company Update

July 8, 2026

MTZ: M&A Call Supports Superior Thesis; Updating Price: $358.85

Price Target: $581.00 (From Estimates and Price Target

$545.00)

Rating: Overweight Takeaways

Following MTZ’s conference call on the Superior acquisition, we are Key Statistics:

Symbol NYSE: MTZ updating our estimates to reflect Superior’s expected contribution and

52-Week Range 160.08 - 441.43 raising our price target to $581 from $545, while reiterating our Overweight

Market Cap 28,355.8 rating. Our updated target implies ~62% upside and reflects higher FY27

ADV (3 mo) 1,070,578 earnings power post-acquisition.

Shares Out (M) 79.0

The call reinforced our view that Superior is a strategically important

Research Analysts: platform acquisition that accelerates MTZ’s data center and mission-critical

Manish A. Somaiya strategy. Superior adds inside-the-fence electrical construction, integrated

212-915-1051 systems, prefabrication, commissioning support, and maintenance services

Manish.Somaiya@Cantor.com

to MTZ’s existing outside-the-fence capabilities, which span power delivery,

REV ($B) communications, civil, pipeline, natural gas, and utility infrastructure.

Incremental call color was positive: management expects the deal to close FYE Dec 2025A 2026E 2027E

1Q $2.9 $3.8A $5.2 later this month after regulatory clearance; 2027 expectations exclude

Prev - - $4.6 revenue synergies, cross-selling, and operational benefits; Superior’s

2Q $3.5 $4.3E $5.8

Prev - - $5.2 backlog was reviewed project-by-project during diligence; and MTZ expects

3Q $4.0 $5.1E $6.3 pro forma leverage to fall below 2x by year-end 2026.

Prev - $4.8E $5.7