DA Davidson analyst Kurt Yinger downgraded TopBuild Corp (NYSE: BLD) from Buy to Neutral with a price target of $437.00 (from $465.00).

The analyst comments: “This morning, TopBuild reported 1Q results that were largely inline with our forecasts and consensus, highlighted by a sequential rebound in GM, but more challenging Installation segment pricing (-3% y/y) and elevated same branch decremental margins. Given the definitive agreement for QXO to acquire BLD, the company did not hold a conference call. While the release did not provide commentary on the 2026 guide, we would have expected no/immaterial changes. Given where shares are trading relative to QXO's offer, we downgrade shares from Buy to NEUTRAL and lower our PT to $437 from $465.”

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Shares of TopBuild Corp closed at $428.78 yesterday.