The "deck has been cleared" not that Dycom Industries reported Q4 results and guided well below expectations, Wells Fargo analyst Jennifer Fritzsche tells investors in a post-earnings research note. The analyst lowered her price target for the shares to $50 from $90 but keeps an Outperform rating on the name. The stock in afternoon trading is down 29%, or $17.70, to $44.30. She sees "more limited" upside in the near-term but believes "a lot of the downside has been priced into the stock." More fiber deployment is needed and carrier urgency around this initiative is at an all-time high, Fritzsche contends. However, with ~80% of its revenue coming from its top five customers, Dycom is "vulnerable to feeling the 'sting' of certain customers in particular quarters," says the analyst. She thinks this is what happened in recent months, as the company discussed margin pressures from a large customer deployment ramping up.