BofA Securities analysts raised the price target on Dycom Industries (NYSE:) to $198.00 (from $160.00) while maintaining a Buy rating.
The analysts comment “We reiterate our Buy rating and increase our PO to $198 (from $160). Our new PO is based on a ~10.0x FY26E EV/EBITDA multiple (from ~9.5x FY25 previously) as we roll forward our valuation and update our estimates to reflect 1Q25 results and management commentary (see more inside). Last week (May 22), DY’s FY1Q25 results beat BofA/Street estimates, and it announced strong 2Q25 guidance (see our First Take report). Throughout the day, DY outperformed peers (+8.3%) and the SPX (-0.3%) and MTZ (+0.5%). DY remains the best-positioned SMID cap pick in our sector coverage. We remain positive on the DY story given that it is positioning to monetize 1) ongoing and new telecom and cable company wireline buildout initiatives and 2) capture forthcoming BEAD funding benefits.”
