KeyBanc raised the firm’s price target on Dycom to $149 from $136 and keeps an Overweight rating on the shares. The outlook commentary keeps the firm bullish as key telcos appear to have ramped up spending as anticipated. 2025 is setting up to be a solid year for Dycom as it overcomes the second half of 2024 cliff in spending by certain customers, and benefits from a more ratable revenue cadence – with the backdrop of stabilizing interest rates and inflation. With organic revenue expected to reach a trough in Q1 2025, and BEAD related spending likely initiating in 2026, KeyBanc sees an extended revenue growth runway and raises its estimates accordingly.
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