Beacon price target raised to $136 from $119 at JPMorgan

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https://www.tipranks.com/news/the-fly/beacon-price-target-raised-to-136-from-119-at-jpmorgan

JPMorgan analyst Michael Rehaut raised the firm’s price target on Beacon (BECN) to $136 from $119 and keeps an Overweight rating on the shares. The Wall Street Journal reported that QXO (QXO), a company formed last year by Brad Jacobs designed to acquire building products distribution companies, has made an offer to acquire Beacon, which subsequently closed up 10% on the day, the analyst tells investors in a research note. The firm believes Beacon would represent a “solid foray” for QXO into the building products distribution industry, as it is a leading distributor of residential and non-residential roofing. It continues to expect Beacon to benefit from the execution of its “Ambition 2025” strategic plan, which features both top and bottom line growth initiatives.

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