Builders FirstSource price target lowered to $175 from $215 at Wedbush

Wedbush lowered the firm’s price target on Builders FirstSource to $175 from $215 and keeps an Outperform rating on the shares. Wedbush believes the outlook for calendar 2024 single family housing starts growth and for new housing sales growth have declined since the beginning the year, the analyst tells investors in a research note. While the firm’s long-term bullish view on new home demand has not changed, in deference to the current rate/affordability challenges, the firm is resetting its price target expectations for Builders based on the macro forecasts.