Beacon price target raised to $85 from $61 at Truist

Truist analyst Keith Hughes raised the firm’s price target on Beacon to $85 from $61 but keeps a Hold rating on the shares as part of a broader research note on Building Products. A notable Q2 storm damage should help shipments given the strong wind and hail reports in June, while a much more benign downturn in consumer spending on durable goods will result in more limited price pressure than the firm originally projected, the analyst tells investors in a research note. Truist adds however that some of the positive news may be “priced in”.