Beacon Roofing Supply Stock Rating Reaffirmed by Zacks (BECN)
Zacks reaffirmed their neutral rating on shares of Beacon Roofing Supply (NASDAQ: BECN) in a research note released on Wednesday morning. They currently have a $41.00 price target on the stock.
Zacks’ analyst wrote, “Beacon Roofing’s first-quarter 2013 earnings were $0.37 per share, down 5% year over year. Revenues increased 5% to $514 million, benefiting from the positive impact of several acquisitions completed since the start of last year, offset by lower average residential roofing selling prices. . Beacon Roofing’s acquisition pipeline remains active and we expect the acquisitions to continue at an accelerated pace in the near term. Moreover, both residential and non-residential construction sectors are showing signs of improvement, which bodes well for the company. However, risks remain in the form of difficult comparisons ahead, seasonally weak second quarter and the company’s inability to pass on the raw material inflation to customers. We maintain our Neutral recommendation on Beacon Roofing with a target price of $41.”
Shares of Beacon Roofing Supply (NASDAQ: BECN) opened at 39.40 on Wednesday. Beacon Roofing Supply has a one year low of $22.55 and a one year high of $39.74. The stock’s 50-day moving average is currently $37.44. The company has a market cap of $1.909 billion and a P/E ratio of 25.58.
BECN has been the subject of a number of other recent research reports. Analysts at RBC Capital raised their price target on shares of Beacon Roofing Supply from $35.00 to $41.00 in a research note to investors on Tuesday, February 12th. Separately, analysts at JPMorgan Chase raised their price target on shares of Beacon Roofing Supply from $33.00 to $38.00 in a research note to investors on Monday, February 11th. Finally, analysts at Wunderlich raised their price target on shares of Beacon Roofing Supply from $36.00 to $43.00 in a research note to investors on Wednesday, February 6th. They now have a buy rating on the stock.
Three research analysts have rated the stock with a buy rating, two have assigned an overweight rating, and seven have given a hold rating to the company. The company presently has a consensus rating of overweight and an average target price of $40.40.
Beacon Roofing Supply, Inc. is a distributor of residential and non-residential roofing materials in the United States and Canada.
To view Zacks’ full report, visit www.zacks.com
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