Dycom Industries Rating Increased to Neutral at Zacks (DY)
Dycom Industries (NYSE:DY) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a research note issued to investors on Thursday, American Banking and Market News reports. The firm currently has a $26.00 price objective on the stock. Zacks‘ price objective would indicate a potential upside of 3.79% from the stock’s previous close.
Zacks‘ analyst wrote, “We are initiating our coverage on Dycom Industries with a Neutral recommendation and a set target price of $26. This specialty contracting firm had reported strong first-quarter 2014 results. The company has been benefiting from the growing demand for high-speed mobile Internet and 4G/LTE services, along with increasing investments in the fiber industry. It is also likely to benefit from the increased demand for the telecom services with the rebounding housing market in U.S. However, as per a preliminary review of its second-quarter results, the company recently announced that it expects revenues and earnings to fall short of the earlier guidance. Moreover, the company trimmed the outlook for its third-quarter results.”
Other equities research analysts have also recently issued reports about the stock. Analysts at BB&T Corp. reiterated a “buy” rating on shares of Dycom Industries in a research note on Wednesday, November 27th. They now have a $37.00 price target on the stock. Analysts at Craig Hallum downgraded shares of Dycom Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, November 27th. They now have a $28.00 price target on the stock. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $29.56.
Shares of Dycom Industries (NYSE:DY) traded up 2.20% during mid-day trading on Thursday, hitting $25.60. The stock had a trading volume of 190,486 shares. Dycom Industries has a 1-year low of $17.87 and a 1-year high of $31.75. The stock’s 50-day moving average is $27.28 and its 200-day moving average is $27.73. The company has a market cap of $864.1 million and a price-to-earnings ratio of 20.27.
Dycom Industries, Inc (NYSE:DY) is a provider of specialty contracting services.
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