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Citigroup's Andy Kaplowitz raised their price target on Mastec (NYSE: MTZ) by 11.8% from $152 to $170 on 2025/05/06. The analyst maintained their Strong Buy rating on the stock.

MasTec reported its Q1 2025 earnings.

According to Kaplowitz, the quarter's "solid" performance and management's higher 2025 guidance show that the company's sales growth potential is still strong and that operational execution is getting better.

The analyst highlighted MasTec's "robust" backlog and resilient demand patterns.

Earnings Report

For Q1 2025, MasTec reported:

• EPS of $0.51, which beat the Zacks Consensus Estimate of $0.34 and Q1 2025's $(0.17).
• Revenue of $2.85B, which beat the Zacks Consensus Estimate of $2.72B and was up 6% Y/Y.

Management guided:

For Q2 2025:

• EPS of $1.36 to $1.46.
• Revenue of $3.4B.

For FY 2025:

• EPS of $5.90 to $6.25, up from the prior $5.35 to $5.84.
• Revenue of $13.65B, up from the prior $13.45B.

CEO Jose Mas commented: "We are pleased to report another strong quarter of financial performance, with key metrics showing strong year-over-year growth and also exceeding guidance.

"While mid-single digit growth in revenue and Adjusted EBITDA were both solid and EPS easily exceeded guidance, we are particularly encouraged by ongoing backlog development to record consolidated levels, including a more than doubling of backlog for the Pipeline Infrastructure segment since year-end."