Wedbush Starts Beacon Roofing Supply (BECN) at Neutral

September 7, 2016 6:57 AM EDT
Get Alerts BECN Hot Sheet
Price: $44.44 --0%

Rating Summary:
    11 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 9
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Wedbush initiates coverage on Beacon Roofing Supply (NASDAQ: BECN) with a Neutral rating and a price target of $50.00.

Analyst Al Kaschalk commented, "We believe Beacon Roofing Supply, Inc. (BECN) is positioned to benefit from existing market growth and new branch openings led by demand from the Residential Roofing market. With enhanced cost saving initiatives and investments in distribution facility efficiencies, results are expected to benefit from ~14-15% incremental operating margin on mid-single-digit organic growth. BECN’s active greenfield development efforts and a robust pipeline of strategic, accretive M&A candidates are expected to contribute to additional growth as well as market share gains going forward. Still, the current positive prospects for positive near-term earnings revisions driven by higher incremental operating margin or outsize growth from greenfield additions are reflected in the stock’s current valuation, in our view."

For an analyst ratings summary and ratings history on Beacon Roofing Supply click here. For more ratings news on Beacon Roofing Supply click here.

Shares of Beacon Roofing Supply closed at $46.32 yesterday.

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