Wedbush Starts Builders FirstSource (BLDR) at Outperform
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Wedbush initiates coverage on Builders FirstSource (NASDAQ: BLDR) with a Outperform rating and a price target of $18.00.
Analyst Al Kaschalk commented, "Exposure to a recovering single-family housing (SFH) market, lowered cost structure and an incremental operating margin in the 11-12% range should lead to significant improvement in operating profit for Builders FirstSource (BLDR) over the mid-term. With growth in operating profit, lowering overall debt levels a priority for management and refinancing certain high-yield notes, we expect Net debt/EBITDA leverage ratio to drop below 3.5x by mid-CY18, helping to uncork value to equity shareholders."
Shares of Builders FirstSource closed at $13.33 yesterday.
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