Dycom Industries downgraded to "underperform"

05/11/09 - D.A. Davidson & Co.

NEW YORK, May 11 (newratings.com) - Analyst John B Rogers of DA Davidson downgrades Dycom Industries Inc (DY) from "neutral" to "underperform." The 12-18 month target price is set to $7.

In a research note published this morning, the analyst mentions that the company’s share price has appreciated due to the optimistic outlook on economic environment. There are limited catalysts for Dycom Industries’ share price in the near term, the analyst says. The company’s earnings are under pressure due to a decline in demand for construction services, DA Davidson adds.