Dycom Poised To Thrive From AT&T's Positive Outlook: Analyst Upgrades To Strong Buy
Portfolio Pulse from Lekha Gupta
Raymond James analyst Frank G. Louthan upgraded Dycom Industries Inc (NYSE:DY) to Strong Buy from Outperform and maintained the price target of $120.00. The upgrade is due to a favorable outlook from one of its major customers, AT&T Inc (NYSE:T), which expects full-year adjusted EBITDA growth of better than 4% and full-year free cash flow of about $16.5 billion. Dycom is seen as a direct beneficiary of this trend due to its leading position as the engineering and construction services provider to major players like AT&T.
October 20, 2023 | 6:11 pm
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POSITIVE IMPACT
Dycom Industries has been upgraded to Strong Buy by Raymond James due to a favorable outlook from major customer AT&T. The company's stock is expected to benefit from AT&T's growth.
The upgrade by Raymond James is based on the positive outlook from AT&T, a major customer of Dycom. This is expected to have a positive impact on Dycom's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
AT&T's positive outlook has led to an upgrade for Dycom Industries, a major service provider to AT&T. This reflects positively on AT&T's growth prospects.
AT&T's positive outlook is seen as a sign of its strong growth prospects, which is expected to have a positive impact on its stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80