Builders FirstSource price target lowered to $190 from $195 at Loop Capital

Loop Capital analyst Jeffrey Stevenson lowered the firm’s price target on Builders FirstSource to $190 from $195 and keeps a Buy rating on the shares after its Q2 results and FY24 guidance cut. The quarter was a modest beat against reduced expectations as improving single-family demand offset double-digit multi-family sales decline, though the outlook was lowered due to updated commodity pricing assumptions and softer than anticipated Q3 conditions, the analyst tells investors in a research note.