MasTec sees 30% backlog growth driven by data center and infrastructure investments, boosting profitability outlook.

MasTec benefits from a surge in data center and infrastructure investments, with total backlogs rising 30% year-over-year and Clean Energy & Infrastructure backlogs up 58.2%. The company's consolidated book-to-bill ratio of 1.24x indicates strong demand, supported by recurring revenues and multi-year contracts that stabilize earnings. Pipeline Infrastructure, with a 1.72x book-to-bill ratio and 25% return on assets, is driving margin expansion and positioning MasTec for continued profitability. The analyst maintains a Buy rating with a price target of $353 per share by 2030, expecting moderate upside and 10.5% annualized returns, while noting potential risks if growth slows and multiples compress.