Dycom price target raised to $125 from $105 at Wells Fargo

Wells Fargo analyst Eric Luebchow raised the firm’s price target on Dycom to $125 from $105 and keeps an Overweight rating on the shares following a “very encouraging” Q3 for Dycom, which continues to grow across the board despite a continued slowdown from some top customers. As the firm sees top customer spending trends improve into 2024, revenue and earnings growth should accelerate further.