Dycom price target raised to $370 from $275 at JPMorgan

JPMorgan raised the firm’s price target on Dycom (DY) to $370 from $275 and keeps an Overweight rating on the shares. The company’s Q3 revenue growth of 14% year-over-year beat expectations as core business drivers remained strong, the analyst tells investors in a research note. The firm says the Black and Veatch acquisition diversifies Dycom into a “strong secular growth sector that is adjacent to its core communications business with a higher revenue growth rate and better margins.”