Dycom's Growth Potential: Buy Rating Backed by Fiber Expansion and Attractive ValuationWe anticipate DY can beat FQ1 and FY'26 expectations by ~1-3% as fiber and AI data center builds ramp. While the multiple has re-rated higher, it still trades in-line with historical averages (and a notable discount to E&C peers). Raising PT to $215. FTTH Tailwinds Intact Through Q1. The top 4 public telcos (T, VZ, FYBR, LUMN) built +1.1MM new homes in CQ1 (relatively flat yr/yr), but that is expected to accelerate to +1.4-1.5MM/quarter in CQ2/CQ3 as T and VZ ramp into higher build plans. We estimate over 10MM new homes will be passed with fiber this year, a record high. In the past quarter, customers have added an incremental 6MM passings into long-term forecasts, with 50MM+ total additional homes planning to be passed through 2030. We Anticipate FQ1 Beat.