Wells Fargo downgrades Dycom to Equal Weight, lowers price target to $88

As previously reported, Wells Fargo analyst Eric Luebchow downgraded Dycom (DY) to Equal Weight from Overweight with a price target of $88, down from $120. The firm expects revenue growth to slow materially in fiscal 2024 based on a more muted forecast for fiber builds, particularly at AT&T (T) and Lumen (LUMN).