TopBuild price target raised to $555 from $529 at Evercore ISI

Evercore ISI raised the firm’s price target on TopBuild (BLD) to $555 from $529 and keeps an Outperform rating on the shares. A “sullen, brooding sentiment had descended on the housing stocks over the past few months,” but the firm rebuts industry concerns and raised FY25 margin estimates and target prices for the builders under its coverage to reflect lower buyer agent commissions. Evercore also raised estimates for TopBuild, Owens Corning (OC) and Installed Building Products (IBP) to reflect the near-term benefit from a successful summer fiberglass price increase, the analyst added.