In a report released today, Robert Burleson from Canaccord Genuity maintained a Buy rating on Dycom (NYSE: DY), with a price target of $90. The company’s shares opened today at $77.69.
Burleson noted:
“We maintain our BUY rating and $90 price target for DY following this morning’s earnings report. Despite frustrations over the disappointing 2018 results implied in guidance, we do not believe there is any change to the fundamental story and continue to believe that DY is poised to capitalize on the long-term telecom investment cycle. We expect 2019 results to reflect the initial benefits of accelerating growth.”
According to TipRanks.com, Burleson is a 5-star analyst with an average return of 13.3% and a 59.8% success rate. Burleson covers the Consumer Goods sector, focusing on stocks such as IPG Photonics Corporation, Faro Technologies, and Nano Dimension.
Dycom has an analyst consensus of Moderate Buy, with a price target consensus of $81.17, a 4.5% upside from current levels. In a report issued on August 14, Wells Fargo also reiterated a Buy rating on the stock with a $85 price target.
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The company has a one-year high of $123.99 and a one-year low of $67.15. Currently, Dycom has an average volume of 585.9K.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of DY in relation to earlier this year.
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Dycom Industries, Inc. provides specialty contracting services throughout the United States and in Canada. The company’s 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. It also provides placement and splicing of fiber, copper, and coaxial cables. The company was founded in 1969 and is headquartered in Palm Beach Gardens, FL.
