Stifel downgraded Builders FirstSource (BLDR) to Hold from Buy with a price target of $125, down from $156. The firm continues to believe Builders is well positioned to “profitably capitalize on residential construction primed to realize outsized benefits from the undersupply of new homes while strengthening its leading position.” However, the depth and duration of the current trough is not fully appreciated by consensus estimates, with the Q1 update unlikely to alleviate uncertainty weighing on the shares, the analyst tells investors in a research note. Stifel believes President Trump’s “Liberation Day” increased residential construction’s challenges, and sees risks to Builders’ sales “disproportionately increasing” amid deteriorating single-family volumes.
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