Raymond James upgraded Dycom Industries (DY) to Strong Buy from Outperform with an unchanged price target of $120. AT&T‘s (T) Q3 report underscores Dycom’s commentary regarding the outlook for the business over the next 12 months, the analyst tells investors in a research note. The firm says the results are indicative of what other fiber upgrades by telcos can expect to achieve, and demonstrate why it has maintained confidence in the continued pace of fiber upgrades over the next several years. As a leading engineering and construction services provider to several of these players, Dycom is well positioned to remain one of the most direct beneficiaries of this secular trend, says Raymond James.
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