KeyBanc raised the firm’s price target on Dycom (DY) to $229 from $227 and keeps an Overweight rating on the shares. The firm notes Dycom has benefited from favorable end market trends, backlog and margin revisions, and discounted valuation. KeyBanc further argues that Dycom offers three avenues to sustained double digits top-line growth – private fiber builds, emerging BEAD awards, and the rapidly emerging theme of additional fiber needs for AI DC. The firm believes the DC theme will extend the growth runway for Dycom and for now is not reflected in the valuation. The recent Lumen award is just a start and the firm could see the pace of announcements pick up and afford Dycom more investor interest given the DC angle.
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Read More on DY:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
