In a report released today, Alex Rygiel from B.Riley FBR reiterated a Buy rating on Dycom (DY), with a price target of $60. The company’s shares closed yesterday at $45.55, close to its 52-week low of $41.78.
Rygiel noted:
“Before the open this morning, 5/21, Dycom Industries (DY) announced F1Q20 results. The quarter was in line to better than our expectations and consensus, while F2Q and F3Q guidance were in line to slightly better. Backlog ended the quarter flat to down slightly on a sequential basis, yet up nicely Y/Y . All in, it would appear the quarter was good and reconfirms our upgrade following the significantly decline after F1Q results. Investors should be pleased with the strong organic growth in the quarter, yet somewhat cautious on the flat-to-down sequential backlog change and weaker EBITDA margin on the strong revenue beat. Management’s commentary in the slides remains upbeat regarding longer-term prospects for improving industry conditions.”
According to TipRanks.com, Rygiel is a 4-star analyst with an average return of 6.3% and a 53.7% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Tutor Perini Corp, and Quanta Services.
Currently, the analyst consensus on Dycom is a Strong Buy with an average price target of $56.
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Dycom’s market cap is currently $1.43B and has a P/E ratio of 23.24. The company has a Price to Book ratio of 1.78.
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Dycom Industries, Inc. provides specialty contracting services throughout the United States. Its services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including other construction and maintenance services to electric and gas utilities, and others. The company was founded in 1969 and is headquartered in Palm Beach Gardens, FL.
