Beacon Roofing Supply (BECN) PT Raised to $70 at Wells Fargo on Allied Deal & Tax Reform

January 4, 2018 8:20 AM

Wells Fargo raised its price target on Beacon Roofing Supply (NASDAQ: BECN) to $70.00 (from $58.00) while maintaining a Market Perform rating, following the closing of the Allied Building Products transaction.

Analyst East notes a positive outlook on the shares, following the company's completed acquisition of Allied Building Products for $2.625B, suggesting the deal, coupled with tax reform benefits will result in upside to earnings the next couple of years and boosting F18 & FY19 EBITDA estimates higher by 47%

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