Beacon price target raised to $110 from $102 at Loop Capital

Loop Capital analyst David MacGregor raised the firm’s price target on Beacon to $110 from $102 and keeps a Buy rating on the shares. The company’s final Q4 results were very consistent with its pre-announcement in mid-January, though the cadence of the year with respect to gross margin is likely to gain the most attention, with Beacon offering a Q1 gross margin guide that is 100bp below the prior year period due to negative geographic and product mix, the analyst tells investors in a research note. While FY24 is a transition year as the company faces tough residential comps and a still down commercial market, earnings should still grow this year however, Loop added.