Beacon Roofing Supply (BECN) PT Lowered to $50 at Stephens Following 3Q

Stephens analyst Trey Grooms lowered the price target on Beacon Roofing Supply (NASDAQ: BECN) to $50.00 (from $52.00) while maintaining a Overweight rating following the company's 3Q earnings report. BECN posted a sales miss of $1.935 billion that was pulled down by a decline in residential roofing largely due to lackluster hail storms in the Midwest. Adj. EBITDA came in lower than expectations and guidance was revised lower as a result.

For F4Q18, Stephens is modeling 2.0% yoy organic sales growth, comprised of residential roofing sales down (1.0%) yoy, non-res sales up 3.0% and complementary sales up 10.0%. For F4Q18 net sales of $2,039.8 million (from $2,019.2 million), adj. EBITDA of $211.4 million (from $238.9 million) and adjusted EPS of $1.41 (from $1.63).

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