Raymond James analyst Frank Louthan IV reiterated a Strong Buy rating and $610.00 price target on Dycom Industries (NYSE: DY).

The analyst comments "Backlog up, Long Haul, and Data Center Business Expanding. We believe Dycom has added new long-haul customers since the close of the second quarter, and that they are seeing increased visibility. On the $20 billion-plus TAM they have called out for AI fiber builds, we believe this is a TAM that reflects the revenue that DY can bid on (and is exclusive of materials costs). We believe fiber routes have been running out of actual physical fibers for sale, driving significant need for new construction for growth and expansion. These are highly complex projects relative to FTTH, and we believe this opportunity is stronger than we had previously assumed. We continue to view the need and demand for data centers as rising, and we believe Dycom is well positioned for both new construction and retrofit work for higher peer density and expanded data connectivity."

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Shares of Dycom Industries closed at $351.80 yesterday.