Truist analyst Keith Hughes raised the firm’s price target on GMS Inc. to $88 from $72 and keeps a Hold rating on the shares. The company’s Q3 results saw strong volume in the commercial and multi-family markets, though this was offset by a decline in residential, the analyst tells investors in a research note. Pricing in calendar 2024 could be a notable addition in wallboard and ceilings that could help gross margins, the firm added.
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