Beacon Roofing Supply (BECN) PT Raised to $124.35 at Stifel

Stifel analyst Andrew Carter raised the price target on Beacon Roofing Supply (NASDAQ: BECN) to $124.35 (from $122.55) while maintaining a Hold rating.

The analyst comments "Following BECN’s entry into a definitive agreement accepting QXO's $124.35 per share all-cash offer, we continue with our Hold rating slightly increasing our target price to the acquisition price. We believe the offer’s attractiveness increased given added uncertainty, broad market weakness, nearterm prospects falling short of providing the immediacy supportive of an independent case, and a strategic acquirer not emerging with the final price just $0.10 above the November offer. Deal is expected to close in late April. Below, we outline the pro forma capitalization."

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