FBR Capital analyst Alex Rygiel believes shares of Dycom Industries at current levels offer an attractive buying opportunity into the company's late November Q1 earnings release. Leading indicators suggest strong results relative to expectations, Rygiel tells investors in a research note. The recent 25% pullback in the shares after a 3.6% customer suggested a pause in its fiber deployment strategy is "completely unwarranted," the analyst contends. He believes investors are missing the "positive data points of the majority." Rygiel reiterates an Outperform rating on Dycom with a $121 price target.