MasTec: 2Q Results Approximately Align; Slightly Softer FY26 Organic Guide on Comms Weakness; Valuation Discount to Peers Seems Overdone

研报英文原文证据摘录

MasTec: 2Q Results Approximately Align; Slightly Softer FY26 Organic Guide on Comms Weakness; Valuation Discount to Peers Seems Overdone

J P M O R G A N North America Equity Research

31 July 2026

MasTec

2Q Results Approximately Align; Slightly Softer FY26 Overweight

Organic Guide on Comms Weakness; Valuation MTZ, MTZ US

Discount to Peers Seems Overdone Price (30 Jul 26):$324.44

▼Price Target (Dec-27):$369.00

Prior (Dec-27):$549.00

MTZ reported consolidated 2Q revenue, EBITDA, and EPS that were

approximately aligned with expectations. Pipeline Infrastructure beat on margins, Clean Energy, Power Infrastructure,

and Sustainable InvestingPower Delivery beat on both revenue and EBITDA, CE&I came in roughly in line,

and Communications was the clear soft spot, missing EBITDA meaningfully on a Mark Strouse, CFA AC

combination of wireless project deferrals and wireline pushouts. On the headline, (1-212) 622-8244

mark.w.strouse@jpmorgan.com

MTZ raised FY26 guidance, but the organic picture is modestly softer driven by

Comms. That said, record 18-month backlog of $21.4bn, up ~$5bn y/y, reinforces Michael G Fairbanks

(1-212) 622-4908

visibility into what should be a strong 2H26-2027. We are lowering our Dec 2027 michael.fairbanks@jpmchase.com

price target to $369, from $549, primarily based on lower trading multiples across

Anna Zhu

peers as well as our reduced estimates. We highlight that MTZ’s valuation discount (1-212) 622-0012

versus peers is now at historically record levels, which we view as overdone, anna.zhu@jpmorgan.com

particularly given that the Communications segment only represents ~15% of the J.P. Morgan Securities LLC

company’s earnings power. Maintain Overweight.

• Results broadly in line; comms weakness offset by strength elsewhere. Key Changes (FYE Dec)