Dycom price target raised to $125 from $120 at BofA

BofA raised the firm’s price target on Dycom to $125 from $120 and keeps a Buy rating on the shares after having attended meetings with Dycom’s SVP and CFO during the 2023 BofA Leveraged Finance conference. Following the meetings, the firm continues to see Dycom as well positioned to monetize incremental telecom and cable company wireline buildouts and capture a portion of the forthcoming $42B Biden Infrastructure Bill BEAD funding.