** Shares of telecommunications contractor Dycom Industries DY.N fall 2.7% to $170.02 in early trade
** Spruce Point Capital Management issues "strong sell" on DY and says it has short position
** Adds stock faces up to 35%-55% potential downside risk
** Flags concerns on cost saving among Dycom's telecom clients; says co may be embellishing margins
** Says DY delayed disclosures of credit exposure to Frontier Communications FYBR.O
** Dycom Industries did not immediately respond to a request for comment
** DY shares down 2.1% year to date
(Reporting by Lisa Mattackal)
((LisaPauline.Mattackal@thomsonreuters.com;))
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