This problem ( Steiner Tree ) is NP-hard and max SNP-complete; therefore, there are no polynomial time algorithms or PTAS (arbitrarily close approximations) if P = NP.
MST can give weight arbitrarily worse than optimal if you do not know any feature of your graph (for example, the graph is flat or at least that the weights obey the triangle inequality). For example, if you have K_1,000,000,001 with all edge weights 1 and only one goal, the optimal solution has a weight of 1, and MST has a mass of 1,000,000,000.
If you assume that all the edges between the targets and all the edges between the source and each target exist, you can still exceed an arbitrary coefficient. Consider the above example, but change the edge weight between the target and the original to 2,000,000,000,000,000,000 (you are still one billion from the optimal).
Of course, you can transform the graph to “remove” the weights of the edges that have a large O (E) time or so by going through the graph. This plus the MST of a set of targets and source gives an approximation coefficient of 2.
There are better approximation coefficients. Robins and Zelikovsky have a polynomial time algorithm that never exceeds 54.94% worse than optimal: http://www.cs.virginia.edu/~robins/papers/soda2000_camera.pdf
Khlebik and Khlebikova show that the approximation is closer to 1.05% NP-hard: The Steiner tree problem on the graphs: results of inadequacy (doi 10.1.1.4.1339)
If your schedule is flat, the situation is better. There's a fast algorithm that gives an arbitrarily close approximation due to Borradaile, Kenyon-Mathieu and Klein (building on Erickson, Monme and Veynote): An O (nlogn) for the Steiner tree in flat graphs (doi 10.1.1.133.4154)
Charles
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