UPDATE: BMO Capital Upgrades Beacon Roofing Supply (BECN) to Outperform
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BMO Capital analyst Ketan Mamtora upgraded Beacon Roofing Supply (NASDAQ: BECN) from Market Perform to Outperform with a price target of $53.00.
The analyst commented, "Operating performance is improving. Key drivers are better cost management & improved branch performance. At the same time, market backdrop is constructive with strong demand and rising residential roofing prices. Proceeds from the pending sale of the Interiors business should reduce net leverage to 3.2x and increase financial flexibility. We are boosting FY21 EBITDA to $516mm, upgrading to Outperform and raising target to $53 (10.0x our FY22 EBITDA)."
Shares of Beacon Roofing Supply closed at $43.69 yesterday.
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