Dycom Industries

DY · NYSE

$252.00−$2.39 (−0.94%)TodayMarket closed · Oct 20, 7:44 PM ET

Prev close $254.39

DY analyst rating

BuyConsensus of 9 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy9
Hold0
Underperform0
Sell0

12-month price target · 15 analysts

Average $531.47 (+110.9% upside)

Low: $378.75
Now: $252.00
High: $656.25

Upgrades and downgrades

The latest rating actions, newest first

DY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Cantor Fitzgerald	Oct 9, 2026	Maintains	Overweight	$476.00	12%
Cantor Fitzgerald	Sep 24, 2026	Maintains	Overweight	$476.00	12%
Keybanc	Sep 21, 2026	Maintains	Overweight	$423.00 → $429.00	47%
Guggenheim	Sep 17, 2026	Maintains	Buy	$620.00	55%
Cantor Fitzgerald	Aug 28, 2026	Maintains	Overweight	$476.00	12%
JP Morgan	Aug 27, 2026	Maintains	Overweight	$650.00 → $570.00	50%
UBS	Aug 27, 2026	Maintains	Buy	$611.00 → $525.00	57%
Wells Fargo	Aug 27, 2026	Maintains	Overweight	$650.00 → $550.00	43%
Keybanc	Aug 27, 2026	Maintains	Overweight	$610.00 → $423.00	47%
Cantor Fitzgerald	Aug 27, 2026	Maintains	Overweight	$654.00 → $476.00	12%

The case for and against

Updated Oct 17, 2026

Bull case

Dycom Industries is well positioned to compound growth because its core Communications franchise is riding multi-year U.S. digital infrastructure spending across FTTH, long-haul/middle-mile fiber, BEAD, and wireless, with management citing $1B+ of contracted pure-fiber backlog and a growing $20B opportunity. The outlook is further strengthened by Building Systems, where management expects 35%+ growth this year and high-teens to low-20s margins, supported by strong data-center demand, cross-selling, and exposure to electrical and structured-cabling work. Improving cash conversion, with DSOs near 100 days from the 120s historically and 200%+ free cash flow improvement from prior levels, gives the company more flexibility to invest in labor, training, and capacity while preserving disciplined capital intensity.

Bear case

Dycom Industries is facing a cautious fundamental setup because its fiber-led growth depends heavily on rural FTTH and prospective BEAD work, while satellite broadband may remain a lower-cost alternative in low-density markets and weaken fiber economics. The more than $500M in verbal BEAD awards is not yet contracted or included in backlog, so the upside is uncertain, especially as delayed or canceled fiber build plans, higher rates, and inflation could pressure project timing and returns. Although service and maintenance provides a multi-billion-dollar base, its share of Communications revenue is expected to fall from about 48% in FY27 to 41% by FY29 as the company stays dependent on a concentrated set of telecom and cable customers.

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