BofA raised the firm’s price target on Dycom (DY) to $310 from $299 and keeps a Buy rating on the shares. The firm, which believes the federal government’s BEAD program to close the digital divide in rural communities could represent 10% upside to outer year Street revenue estimates for Dycom, believes there could be about $3B-$3.5B revenue capture and about $350M-$400M in adjusted EBITDA over the life of the program, if the firm assumes a 20% capture, the analyst tells investors.
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