RBC Capital upgraded Beacon to Outperform from Sector Perform with a price target of $94, up from $91. The firm’s roofing industry checks point to upside to guidance driven by residential roofing. The checks suggest residential sell-through remained robust in Q3, and RBC expects double-digit growth to continue in Q4 and Q1, the analyst tells investors in a research note. In addition, Beacon’s August residential price increase saw solid traction, says RBC. It sees a more compelling relative risk/reward for Beacon following the positive checks.
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