Dycom Industries (DY) , a provider of administrative services to the telecommunication industry, has seen a steep drop in its stock price over the past three months.
The stock's 17% decline contrasts with peers such as Mastec, Primoris Services and Quanta Services.
Dycom is a compelling value play right now.
To be sure, strong headwinds as a result of the scaling down of Alphabet-owned Google's Fiber project have affected investor sentiment about Dycom.
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Concerns over the Google Fiber project are clearly overblown.
Alphabet's assertion about halting the expansion of its Google Fiber program may have hit Dycom shares hard, Google Fiber is not Dycom's principal revenue-driver.
Alphabet contributed only around 6% of Dycom's 2016 total topline, according to KeyBanc analyst Tahira Afzal.
The correction in Dycom's share price made things look unnecessarily bleak, almost as if Alphabet were abandoning the project altogether.
That's unlikely. The release of Google's Pixel line of phones shows that the tech giant considers telecom to be a priority. Since hardware is a new area for Alphabet/Google, the company is probably just being cautious about the rollout.