MasTec (MTZ): Tweaking Estimates to Reflect 3Q Mix, FY Estimates and Price Target Unchanged

We are updating our model to reflect expected revenue mix in 3Q. We believe the company is tracking towards 3Q guidance; however, we are updating our segment level expectations. Within the Pipeline segment, we believe mix of short-haul vs long-haul project activity could weigh on segment level margin, despite in-line revenue, though view this as simply a timing issue and therefore leave our FY26 estimates largely unchanged. We expect the strength in Power Delivery to offset the Pipeline mix headwind in 3Q and therefore leave our estimates largely aligned with consolidated company guidance. Our YE27 price target remains $369. Maintain Overweight. Our Dec 2027 price target remains $369, based on an assigned multiple of 24x our FY28E PF EPS. The assigned multiple represents a ~25% discount to PWR's current trading multiple (NTM consensus EPS). We see potential for the multiple gap to PWR to narrow as MTZ continues to execute, proves no further deterioration in the comms segment, and adds