Wells Fargo analyst Eric Luebchow lowered the firm’s price target on Dycom to $115 from $120 and keeps an Overweight rating on the shares ahead of earnings. The firm believes revenue growth remains better than feared despite recent supply chain/customer concerns, margins continue to expand year-over-year and EPS scales +15% through FY25. At about 14-times price-to-earnings, Wells views risk/reward as attractive.
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