AT&T-BlackRock fiber JV a ‘material positive’ for Dycom, says KeyBanc

After AT&T (T) and a fund managed by BlackRock’s (BLK) Diversified Infrastructure business announced a definitive agreement to form a joint venture that will operate a commercial fiber platform and serve customers outside AT&T’s traditional 21-state wireline service footprint, KeyBanc analyst Sean Eastman noted that Gigapower’s initial target is to deploy fiber to 1.5M customer locations incremental to AT&T 30M-plus fiber locations target by the end of 2025. He views this news as "a material positive for telecom E&C contractors," namely Dycom (DY), the analyst tells investors. Eastman keeps an Overweight rating on Dycom shares, which are up $2.42, or about 3%, to $92.97 in Friday morning trading.