DA Davidson analyst Brent Thielman lowered his price target on Dycom to $77 and kept his Neutral rating after its FY18 guidance cut yesterday driven "largely by delays to customer spending schedules and permit difficulties". The analyst maintains his view that Dycom is "on the precipice of a substantial build-out in communication infrastructure to satisfy network requirements for the upgrade to 5G", but despite its $7.9B backlog, the timing associated with this spending is "less clear". Given the limited visibility, Thielman expects investor apprehension on Dycom to persist.