This Beacon Roofing Analyst Sees The Stock Touching Roof On Strong Residential Market Fundamentals
Portfolio Pulse from Lekha Gupta
RBC Capital analyst Mike Dahl has upgraded Beacon Roofing Supply Inc (NASDAQ:BECN) from Sector Perform to Outperform, raising the price target from $91 to $94. Dahl is bullish due to strong residential roofing market fundamentals, lean inventories, and a robust growth outlook for Q4 FY23 and Q1 FY24. He also increased sales and EBITDA estimates for FY23 and FY24. However, he expressed concerns about the non-residential sector for FY24.
October 05, 2023 | 5:05 pm
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Beacon Roofing Supply Inc's stock has been upgraded by RBC Capital, with a raised price target. This is due to strong residential roofing market fundamentals and a robust growth outlook.
The upgrade by RBC Capital, along with the raised price target, indicates a positive outlook for Beacon Roofing Supply Inc. This is based on strong residential roofing market fundamentals and a robust growth outlook, which are likely to drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100