TopBuild price target raised to $536 from $486 at Jefferies

Jefferies raised the firm’s price target on TopBuild to $536 from $486 and keeps a Buy rating on the shares. With the expected second half recovery in remodel and renovation pushed out, the firm sees many in its Building Products coverage lowering the top end of their guides. However, given the sizable rally partly due to short covering with rate cuts now back on the table, the set up is “tricky” and the firm can see the group taking a breather with conviction still low for most investors, the analyst added in a Q2 earnings preview note for the group.