FBR Capital Reiterates Outperform on Dycom Industries (DY)

FBR Capital reiterated an Outperform rating and $115.00 price target on Dycom Industries (NYSE: DY) after spending time with management. Conversations focused on the company's recent 1Q17 announcement, guidance, and long-term outlook. Shares of DY declined 21% since the earnings announcement.

Analyst Alex Rygiel commented, "We recently traveled with management to meet with investors. Our conversations focused on Dycom's recently announced F1Q17 results, guidance, and longer-term outlook. In summary, we would highlight a few key items: (1) investors continue to point to a few items in the earnings release that potentially affected recent stock performance, including: backlog reduction associated with a certain customer that has changed capex plans, the Goodman acquisition and subsequent guidance revisions, and F3Q17 guidance, particularly organic growth; (2) a recent cable MSO announcement supports intermediate and long-term trends for fiber deeper into the network; and (3) emerging 5G wireless technology is likely to converge with wireline networks. We reiterate our Outperform rating."

For an analyst ratings summary and ratings history on Dycom Industries click here. For more ratings news on Dycom Industries click here.

Shares of Dycom Industries closed at $73.71 yesterday.

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