These Analysts Increase Their Forecasts On Dycom Industries After Q3 Results

Dycom Industries Inc DY reported better-than-expected third-quarter financial results.

Contract revenue of $1.136 billion (+4.6% Y/Y on a non-GAAP organic basis) beat the consensus of $1.070 billion. EPS improved to $2.82 from $1.80 a year ago, beating the consensus of $1.78, according to data from Benzinga Pro.

Dycom expects contract revenues for the quarter ending Jan. 27, 2024, to be in line with contract revenues Y/Y.

Dycom shares rose 2.5% to trade at $104.25 on Wednesday.

These analysts made changes to their price targets on Dycom following earnings announcement.

• Wells Fargo raised the price target on Dycom from $105 to $125. Wells Fargo analyst Eric Luebchow maintained an Overweight rating.
• B. Riley Securities boosted the price target on Dycom from $94 to $101. B. Riley Securities analyst Alex Rygiel maintained a Neutral rating.

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