Dycom downgraded to Neutral from Buy at B. Riley

B. Riley downgraded Dycom Industries to Neutral from Buy with a price target of $111, down from $134. The analyst cites weakening visibility near-term for fiber demand and corresponding contractor activity for the downgrade. The company’s fiscal Q2 results could be mostly in-line with estimates, says the firm, whose concerns are related to demand over the intermediate term, management’s guidance, and any shift in commentary, as well as the potential for economic conditions and higher interest rates to delay customers capex plans.