Beacon price target raised to $115 from $110 at Loop Capital

Loop Capital raised the firm’s price target on Beacon to $115 from $110 and keeps a Buy rating on the shares as part of a broader research note on Building Products. The firm is boosting its estimates after “another round of better-than-expected roofing checks” and sees upside to Q1 on volume and FY24 on pricing. The broader read throughs for the company’s Home Depot (HD) SRS Distribution sale is positive for Beacon both on valuation and on competitive basis, Loop added.