Dycom rises as brokerage upgrades rating to 'strong buy'

Dycom Industries

20/10/2023 15:23

** Shares of construction company Dycom Industries  DY.N 
rise ~2% to $83.78
    ** Raymond James raises rating to "strong buy" from
"outperform", reflecting AT&T's  T.N  forecast raise
    ** Dycom provides fibre construction services to AT&T, which
upgraded its annual free cash flow (FCF) forecast on Thursday 
    ** Brokerage says AT&T's results are indicative of fiber
upgrades by other telcos over the next several years
    ** "As a leading engineering and construction services
provider to several of these players, we believe Dycom is
well-positioned to remain one of the most direct beneficiaries
of this secular trend." adds Raymond James
    ** Brokerage reiterates DY's price target of $120; current
PT represents a ~46% upside to stock's last close of $82.26
    ** Eight of nine brokerages rate Dycom "buy" or higher, and
one "hold"; their median PT is $124
    ** Up to Thursday's close, stock had fallen ~11% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))