Dycom Shares Rise 3.5% Following Acquisition of Power Solutions
Dycom's shares rose 3.5% following its acquisition of Power Solutions, which expands its revenue into the data center sector. KeyBanc and Wells Fargo raised their price targets to $426 and $360, respectively, as the company reported mixed quarterly results but exceeded expectations in revenue, EBITDA, and EPS. Year-to-date, Dycom's stock has increased by 8.6%, reaching a new 52-week high.
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Dycom's shares increased by 3.5% after analysts raised price targets due to its acquisition of Power Solutions, which diversifies revenue into the data center business. KeyBanc raised its target to $426 and Wells Fargo to $360.
Shares settled at $377.33, marking a 3.2% increase. Dycom's stock has seen volatility with 11 moves over 5% in the past year. It reported mixed results this quarter but beat revenue, EBITDA, and EPS expectations. Year-to-date, Dycom is up 8.6%, reaching a new 52-week high, with a five-year investment growth to $4,301 from $1,000.
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