Dycom price target raised to $204 from $198 at BofA

BofA raised the firm’s price target on Dycom to $204 from $198 and keeps a Buy rating on the shares. Dycom reported Q2 results that beat BofA and Street estimates, but also announced Q3 guidance below the Street, which mainly drove the underperformance throughout the day, the analyst tells investors. The analyst, who increased the firm’s target based on an unchanged FY26 EV/EBITDA multiple, has updated estimates for Q2 results and notes that Dycom remains a “top SMID cap pick.”