Dycom price target raised to $101 from $94 at B. Riley

B. Riley analyst Alex Rygiel raised the firm’s price target on Dycom to $101 from $94 and keeps a Neutral rating on the shares. Dycom reported Q3 results and Q4 guidance ahead of consensus estimates, with positive tailwinds emerging with a mix shift from wireless to wireline, from underground to aerial work, and from traditional telcos to cable MSOs, the analyst tells investors in a research note. The firm remains cautious near-term given broad demand weakness in certain telco/cable equipment products lines, and uncertainty into Dycom’s seasonally weaker months.