Beacon Roofing Supply (BECN) PT Raised to $57 at Berenberg

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February 17, 2021 at 8:05 a.m. EST

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Berenberg analyst Daniel Wang raised its target price on Beacon Roofing Supply (NASDAQ: BECN) to $ 57.00 (from $ 44.00) while maintaining the buy rating.

The analyst commented, “Beacon announced its first quarter of FY21 results earlier last week, reporting impressive sales and earnings numbers backed by a robust residential rooftop background. Looking ahead, management has raised its sales outlook and its own Adjusted EBITDA forecast maintained despite divestment of We believe that the continued implementation of BECN’s store optimization / OTC network strategy, in addition to a favorable price / cost environment and increased focus on outside areas, should lead to a revaluation of the shares. Additionally, we understand management’s caution on non-stocks due to the demand for roofs, we believe that a recovery in commercial roofs could lead to an upward movement in consensus estimates in the short term, so we are slightly increasing our profitability projections (below r inclusion of the Interiors divestment), increase our target multiples for improved growth prospects and raise our price target to $ 57 (up from $ 44). We remain buyers of the name. “

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