BofA downgraded Builders FirstSource to Neutral from Buy with a price target of $180, down from $183. The downgrade reflects a slower single-family growth outlook starting in Q4, lingering multi-family headwinds through 2025, and less compelling valuation after the recent re-rate, the analyst tells investors in a research note. The firm expects organic revenue growth to slow in Q4 and in the first half of 2025 and thinks the consensus looks too high for 2025 given the multi-family decline. While BofA expects an in-line Q2, the firm sees risk to the top end of guidance.
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