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Fly News Breaks for August 8, 2018
BECN
Aug 8, 2018 | 07:14 EDT
Citi analyst Scott Schrier downgraded Beacon Roofing Supply to Neutral from Buy and lowered his price target for the shares to $44 from $51. The company delivered a "soft" Q3 as weather was a drag on volumes, Schrier tells investors in a post-earnings research note. The analyst believes a "wait and see approach is prudent" with respect to demand, pricing, cost outs, and de-leveraging. He cites the soft volumes and Beacon's guidance reduction for his downgrade to Neutral.
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