BECN - This Beacon Roofing Analyst Sees The Stock Touching Roof On Strong Residential Market Fundamentals | Benzinga
RBC Capital analyst Mike Dahl upgraded Beacon Roofing Supply Inc (NASDAQ: BECN) from Sector Perform to Outperform at an increased price target of $94 from $91.
The analyst is bullish on the stock on favorable roofing industry fundamentals, which suggests continued strength in the residential roofing market in the near term, lean inventories, and a robust growth outlook for Q4 FY23 and Q1 FY24.
The analyst now expects Q3 residential volumes of +14% vs. +8% prior, driving sales/day estimate to +11% vs. +8% earlier.
On the other hand, the analyst says that the non-residential is ...