Truist lowered the firm’s price target on Builders FirstSource to $145 from $175 after its FY23 revenue guidance cut but keeps a Buy rating on the shares. Anecdotal commentary points to housing demand holding up despite higher rates taking the worst case scenario off the table, though the firm still lowered its price target and estimates given expectations for a lower housing growth in 2024 and beyond, the analyst tells investors in a research note. Truist added however that it expects Builders FirstSource shares to continue to rebound.
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Read More on BLDR:
- Builders FirstSource price target lowered to $150 from $175 at Stephens
- Builders FirstSource price target lowered to $128 from $157 at B. Riley
- Builders FirstSource price target lowered to $155 from $160 at Baird
- Builders FirstSource cuts FY23 revenue view to $16.8B-$17.1B from $16.8B-$17.8B
- Builders FirstSource reports Q3 EPS $4.24, consensus $3.72
