B. Riley raised the firm’s price target on Dycom to $208 from $205 and keeps a Buy rating on the shares. Dycom reported Q2 results that were ahead of the firm’s estimates, including the re-acceleration of organic revenue growth, the Q3 guidance was in line with estimates, and the company announced the acquisition of Black & Veatch’s public carrier wireless telecom infrastructure business, the analyst tells investors in a research note. The firm’s thesis of an inflection towards positive organic growth and EBITDA expansion is playing out, and sees this continuing into the second half of calendar 2024 and beyond as Dycom benefits from federal funding for rural broadband and carrier capex towards infrastructure expansion and upgrades.
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Read More on DY:
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