Deutsche Bank raised the firm’s price target on Beacon to $119 from $114 and keeps a Buy rating on the shares. For building products, the firm again sees the year ahead favoring stock selection, and again recommends investors start 2024 with a positive bias toward residential construction exposure and the distributor business model. The analyst reiterates Top Picks TopBuild (BLD), Builders FirstSource (BLDR) and Core & Main (CNM), and adds Beacon (BECN) to Top Picks in recognition of consistent progress on its initiatives and a belief that the roofing category will continue to deliver in 2024.
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Read More on BECN:
- Beacon announces offering of 5M shares of common stock for holders
- Beacon backs FY23 adjusted EBITDA view $910M-$930M
- Landstar System names Frank Lonegro CEO, effective February 2
- Beacon announces departure of CFO Frank Lonegro
- ‘Putting the Fun Back in Fundamentals’: Deutsche Bank Says These 3 Homebuilding Stocks Look Attractive Right Now
