Builders FirstSource price target raised to $97 from $85 at Truist

Truist raised the firm’s price target on Builders FirstSource to $97 from $85 and keeps a Buy rating on the shares after its Q4 earnings beat. The analyst notes that while significant pressure will be felt from home starts declines in Q1 and will continue for the rest of the year, the company continues to do an excellent job of communicating lumber impacts on results and guidance, and has de-risked the numbers in the current decline. The firm remains positive on the stock based on pricing in the current cycle and multiple expansion in the next.