JPMorgan analyst Michael Rehaut upgraded Beacon to Overweight from Neutral with a price target of $103, up from $86. The analyst cites the stock’s “inexpensive relative valuation” and the firms’ outlook for continued strong execution of its strategic plan for the upgrade. Beacon’s valuation as attractive relative to the company’s “strong execution” of its strategic Ambition 2025 plan over the last two years, the analyst tells investors in a research note. Following a “strong rebound year” for building products, JPMorgan is less constructive and more selective towards the sector compared to its more positive stance on homebuilders.
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