J.P. Morgan U.S. FTM 28 May 26 DY; HPS/A CN and More

Research evidence excerpt

J.P. Morgan U.S. FTM 28 May 26 DY; HPS/A CN and More

North America Equity Research

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U.S. First to Market 28 May 2026

Top Stories

Dycom Industries (Richard Choe/Braden Nguyen) (DY, OW, PT $650.00)

Sustainable Multi-Year Growth Drivers with Solid Backlog and Building Pipeline of Business; Strong

Margin Performance; PT to $650

Dycom reported strong F1Q27 results, beating on both the top and bottom line with margins better across both segments.

Margin performance was a concern for investors going into the quarter, but the strong results and guidance enhance the

revenue growth story. Outperformance was driven by a faster-than-expected acceleration in FTTH builds across multiple

customers. Contract revenue guidance for FY27 was raised by $515m at the midpoint to $7.515b with $6.115b in

Communications revenue (+$315m vs. previous guidance) and $1.400b in Building Systems revenue (+$200m, segment is

100% Power Solutions).

Init | Hammond Power Solutions (Tomohiko Sano) (HPS/A CN, OW, PT C$430.00)

An Expanding Portfolio at the Heart of Electrification: Initiating at Overweight with YE26 PT of C$430

We initiate coverage of Hammond Power Solutions (HPS/A CN) with an Overweight rating and a YE26 C$430 price target,

offering ~45% upside potential from current levels. HPS exited 2025 with backlog up 122% year on year, and we forecast

double-digit revenue growth in both 2026 and 2027. Our visit to Guelph confirmed HPS’ unique position in the low-to-medium-

voltage transformer market.