Buy Shares of Dycom Industries (NYSE:DY) Says FBR

Saying a cyclical upswing has come in reference to Dycom Industries (NYSE:DY), FBR Capital says it's now time to buy shares of the stock.

FBR said, "It is time to buy shares of Dycom going into a cyclical upswing in communications capital spending. DY's F1Q11 results offered numerous fundamental data points that confirm to us our increasingly upbeat outlook...We reiterate our rating as we believe numerous growth opportunities are developing, solid cash generation during the recent recession provides a solid balance sheet for the up-cycle in communication capex, and the valuation is very attractive...We expect CY11 revenue of $1.08B (+ 8% YOY), EBITDA of $101M (+23%), and EPS of $0.50 (+51%)."

FBR maintains their "Outperform" rating on Dycom, which closed at $13.22 on Tuesday, gaining $0.19, or 1.46 percent. FBR raised their price target on them from $15 to $21.