UPDATE: Imperial Capital Initiates Dycom Industries with Outperform, $24 PT; Networks Arms Race Benefit

Imperial Capital initiates its coverage on Dycom Industries

with a rating of Outperform and a $24 price target. Imperial Capital comments, "We believe the company is well positioned to benefit from a multi-year capex cycle in the U.S. telecom market. As a leading specialty telecom contractor with a large pool of experienced professionals and a broad network of local offices, we believe that Dycom should continue to capture a meaningful amount of the expected telecom services spend over the next several years." DY closed at $19.57 on Thursday.