KeyBanc Lifts Dycom Industries (DY) Stock PT, Reiterates Top Pick

KeyBanc analyst Sangita Jain raised the price target on Dycom Industries (NYSE: DY) to $295.00 (from $255.00) while maintaining a Overweight rating.

The analyst commented: "We maintain DY as one of our top picks and raise our PT from $255 to $295. We maintain that DY is in the early years of a multi-year telecom investment expansion cycle – led by private investments in fiber, federal and state funded rural broadband programs, and a datacenter led fiber build. As a telecom pureplay trading at ~11.3x FY27E, we do not believe that the longer than usual growth cycle is adequately reflected in the valuation. As such, we believe DY remains a name to own given its national presence and scale in wireline construction allowing for strong revenue growth (potentially double-digit) in coming years."

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