S&P Equity Research Reiterates 'Sell' on Builders FirstSource (BLDR)
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S&P Equity Research reiterates a 'Sell' rating on Builders FirstSource (Nasdaq: BLDR).
S&P analyst, M. Jaffe, says, "BLDR posts Q1 loss of $0.45 vs. EPS of $0.01, $0.15 wider than our loss estimate. Sales decline of 34% was larger than we forecast, with housing starts in BLDR's markets falling by 39% in Q1. Margins also narrowed on the deleveraging of fixed costs. We are widening our '08 loss estimate by $0.35 to $1.15, and starting '09 at a $0.60 loss. Very high housing inventories and difficult lending markets make it seem to us as if BLDR's operating downturn will extend further than we had expected. However, we are leaving our price/sales-based 12-month target price at $5."
Builders FirstSource, Inc. is a supplier and manufacturer of structural and related building products for residential new construction in the United States. [SM]
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