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OC

Owens Corning

$64.71

0.78 (1.22%)

, BECN

Beacon Roofing

$41.94

0.065 (0.16%)

08:40
07/10/18
07/10
08:40
07/10/18
08:40

Roofing margin concerns overblown, says Jefferies

Jefferies analyst Philip Ng attributes the recent pullback in shares of Owens Corning (OC) and Beacon Roofing (BECN) to concerns over roofing margins with inflation rising. However, the analyst's roofing distributor survey indicates these concerns are overblown. Small and medium-sized distributors throughout the country have been able to realize 15% price increase cumulatively from March, May, and June, Ng tells investors in a research note. The analyst sees strong pricing momentum in roofing and insulation, but notes that roofing demand has been mixed. He keeps Buy ratings on Owens Corning, Beacon Roofing and TopBuild (BLD).

OC

Owens Corning

$64.71

0.78 (1.22%)

BECN

Beacon Roofing

$41.94

0.065 (0.16%)

BLD

TopBuild

$80.67

0.2 (0.25%)

  • 25

    Jul

  • 15

    Aug

OC Owens Corning
$64.71

0.78 (1.22%)

06/07/18
JEFF
06/07/18
NO CHANGE
JEFF
Martin Marietta added to Franchise Picks list at Jefferies
Jefferies analyst Philip Ng added shares of Martin Marietta Materials to his firm's Franchise Picks list with a Buy rating and $256 price target. The Building Products group has seen "massive" multiple compression with investors fearful we're near a cyclical peak in housing due to rising rates and inflation, Ng tells investors in a research note. He believes these concerns are overblown and calls Martin Marietta, Owens Corning (OC) and Masco (MAS) his top picks.
06/19/18
SBSH
06/19/18
INITIATION
Target $73
SBSH
Neutral
Owens Corning assumed with a Neutral at Citi
Citi analyst Scott Schrier assumed coverage of Owens Corning with a Neutral rating and $73 price target. The analyst took over coverage of the Building Products, Construction Materials group.
06/19/18
ZELM
06/19/18
UPGRADE
ZELM
Buy
Owens Corning upgraded to Buy from Hold at Zelman
06/28/18
RBCM
06/28/18
NO CHANGE
Target $80
RBCM
Outperform
Owens Corning price target lowered to $80 from $88 at RBC Capital
RBC Capital analyst Michael Eisen reiterated an Outperform rating but lowered his price target on Owens Corning to $80. The analyst notes that while he sees a material re-acceleration of earnings growth in the second half of FY18 "as higher prices take hold across the portfolio to offset input cost inflation headwinds," he is updating his model based on adjustments for price, volume, input costs, and less favorable FX outlook. Eisen adds that Owens Corning should trade at a slightly discount to the peer group given the "cyclical risk and greater input cost inflation headwinds".
BECN Beacon Roofing
$41.94

0.065 (0.16%)

06/28/18
06/28/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AeroVironment (AVAV) downgraded to Hold from Buy at Stifel with analyst Joseph DeNardi citing valuation, but he continues to maintain a positive bias on the stock. 2. Beacon Roofing (BECN) downgraded to Sector Perform from Outperform at RBC Capital with analyst Michael Eisen saying he sees a threat to consensus estimates based on the higher oil price and freight costs amid declining industry demand. 3. Green Plains (GPRE) downgraded to Equal Weight from Overweight at Stephens with analyst Farha Aslam stating that its restructuring plan is a long-term positive, but in the near-term the company may be "forced to cut muscle." 4. Mattel (MAT) downgraded to Underperform from Neutral at DA Davidson with analyst Linda Bolton Weiser noting that the stock price has risen 29% from its April low even though the company's fundamentals have not improved. 5. Aquinox (AQXP) downgraded to Hold from Buy at Needham with analyst Alan Carr noting that the company's Phase 3 trial of rosiptor in Interstitial Cyrstitis failed to demonstrate efficacy, with no evidence of activity at any point or within any subset of patient subset. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here
06/28/18
MKMP
06/28/18
INITIATION
Target $61
MKMP
Buy
Beacon Roofing initiated with a Buy at MKM Partners
As reported earlier, MKM Partners analyst Megan McGrath initiated Beacon Roofing with a Buy rating and a price target of $61. The analyst cites the company's "relatively low exposure to new construction combined with both revenue and cost synergies from the recent Allied acquisition" as a positive catalyst for its stock price, while also forecasting "eventual positive price/cost in residential roofing". After a challenging start to 2018 amid adverse weather and rising input costs, McGrath says "better trends" are on the horizon for Beacon Roofing.
06/28/18
RBCM
06/28/18
DOWNGRADE
Target $48
RBCM
Sector Perform
Beacon Roofing downgraded to Sector Perform at RBC Capital on input cost risks
As reported earlier, RBC Capital analyst Michael Eisen downgraded Beacon Roofing to Sector Perform from Outperform and also lowered his price target to $48 from $66. The analyst sees a threat to consensus estimates based on the higher oil price and freight costs amid declining industry demand, stating that higher levels of pricing may be required to offset the input cost inflation. Eisen also notes that the expectations for synergy benefits of the Allied acquisition have been stretched.
07/03/18
BARD
07/03/18
DOWNGRADE
BARD
Baird downgrades industrial and building distributors as cyclical risks rise
As previously reported, Baird analyst David Manthey downgraded several industrial supply distributors and building products distributors based on elevated later-cycle risks. The analyst thinks the cycle and individual company results could remain solid for quarters or years to come, but he believes the cycle is in its later stages, thereby elevating risks to gross margins, rising labor costs, and earnings deceleration in 2019. Manthey downgraded Watsco (WSO), SiteOne Landscape (SITE), Pool (POOL), Fastenal (FAST), BMC Stock Holdings (BMCH), Grainger (GWW) and GMS (GMS), all to Neutral from Outperform. He lowered his price target on Grainger to $318 from $327 and also lowered his price target on Beacon Roofing (BECN) to $59 from $68. However, Manthey said Beacon, on which he kept an Outperform rating, remains a Fresh Pick and his top tactical idea.
BLD TopBuild
$80.67

0.2 (0.25%)

05/09/18
RHCO
05/09/18
NO CHANGE
Target $90
RHCO
Buy
TopBuild price target raised to $90 from $82 at SunTrust
SunTrust analyst Keith Hughes raised his price target on TopBuild to $90 and kept his Buy rating after its "outstanding" Q1 earnings, saying the company overcame gross margin compression related to higher insulation costs. The analyst also anticipates some margin recovery in Q2 and for the rest of the year, as TopBuild's Q1 results were also constrained by adverse weather related production delays.
06/27/18
MKMP
06/27/18
INITIATION
Target $99
MKMP
Buy
TopBuild initiated with a Buy at MKM Partners
MKM Partners analyst Megan McGrath initiated TopBuild with a Buy and $99 price target.
06/28/18
EVER
06/28/18
INITIATION
Target $95
EVER
Outperform
TopBuild initiated with an Outperform at Evercore ISI
Evercore ISI initiated TopBuild with an Outperform and $95 price target.
06/28/18
MKMP
06/28/18
INITIATION
Target $99
MKMP
Buy
TopBuild initiated with a Buy at MKM Partners
As reported earlier, MKM Partners analyst Megan McGrath initiated TopBuild with a Buy rating and a price target of $99. The analyst says she is positive on the company's "strong acquisition track record and the margin progress it has made in recent years" as it focuses on "price realization". McGrath adds that this "pricing discipline" will benefit TopBuild while manufacturers raise their prices on insulation products. The analyst also believes that concerns around the impact of higher mortgage rates will be countered by the positive impact of higher revenues and margins from the company's USI acquisition announced in April.

TODAY'S FREE FLY STORIES

NVCR

Novocure

$35.60

2.5 (7.55%)

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  • 26

    Jul

RVI

Retail Value

$35.60

-0.36 (-1.00%)

, DDR

DDR Corp.

$14.31

-0.045 (-0.31%)

07:36
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07/17
07:36
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07:36
Initiation
Retail Value, DDR Corp. initiated  »

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RVI

Retail Value

$35.60

-0.36 (-1.00%)

DDR

DDR Corp.

$14.31

-0.045 (-0.31%)

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GS

Goldman Sachs

$231.01

4.71 (2.08%)

07:36
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Hot Stocks
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XXII

22nd Century

$2.64

-0.12 (-4.35%)

07:35
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NFLX

Netflix

$400.24

4.32 (1.09%)

, MSFT

Microsoft

$104.91

-0.51 (-0.48%)

07:35
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Options
Unusual call flow in option market yesterday »

Notable call activity was…

NFLX

Netflix

$400.24

4.32 (1.09%)

MSFT

Microsoft

$104.91

-0.51 (-0.48%)

SNAP

Snap

$13.07

-0.295 (-2.21%)

FOXA

21st Century Fox

$46.71

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MS

Morgan Stanley

$48.91

0.85 (1.77%)

TGT

Target

$77.20

-0.525 (-0.68%)

FSLR

First Solar

$53.99

-0.08 (-0.15%)

CZR

Caesars

$11.63

0.075 (0.65%)

FTI

TechnipFMC

$30.58

-0.36 (-1.16%)

HFC

HollyFrontier

$68.91

0.25 (0.36%)

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    Aug

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  • 04

    Sep

BCRX

BioCryst

$6.20

0.01 (0.16%)

07:34
07/17/18
07/17
07:34
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07:34
Upgrade
BioCryst rating change  »

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GS

Goldman Sachs

$231.01

4.71 (2.08%)

07:33
07/17/18
07/17
07:33
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07:33
Earnings
Goldman Sachs reports Q2 EPS $5.98, consensus $4.66 »

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ADS

Alliance Data

$218.91

-24.58 (-10.09%)

, LB

L Brands

$32.01

0.31 (0.98%)

07:32
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Hot Stocks
Columbus signs renewal agreement with Victoria's Secret »

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ADS

Alliance Data

$218.91

-24.58 (-10.09%)

LB

L Brands

$32.01

0.31 (0.98%)

03/08/13
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03/06/13
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  • 19

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  • 08

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PRIM

Primoris

$28.12

-0.51 (-1.78%)

07:32
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07:32
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07:32
Hot Stocks
Primoris announces electrical distribution award valued over $75M »

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ZS

Zscaler

$41.10

1.38 (3.47%)

07:30
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07/17
07:30
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07:30
Recommendations
Zscaler analyst commentary  »

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TSRO

Tesaro

$40.55

-4.34 (-9.67%)

, QEP

QEP Resources

$12.09

-0.67 (-5.25%)

07:30
07/17/18
07/17
07:30
07/17/18
07:30
Options
Unusual put flow in option market yesterday »

Notable put activity was…

TSRO

Tesaro

$40.55

-4.34 (-9.67%)

QEP

QEP Resources

$12.09

-0.67 (-5.25%)

HUBG

Hub Group

$49.10

-1.85 (-3.63%)

03/08/13
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03/06/13
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  • 26

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RPM

RPM

$60.00

-0.54 (-0.89%)

07:27
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07/17
07:27
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07:27
Downgrade
RPM rating change  »

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  • 19

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OSUR

OraSure

$16.28

-1.04 (-6.00%)

07:27
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  • 18

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NFLX

Netflix

$400.24

4.32 (1.09%)

07:26
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ECOR

ElectroCore

$14.49

-0.51 (-3.40%)

07:25
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ElectroCore initiated  »

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FTI

TechnipFMC

$30.58

-0.36 (-1.16%)

07:24
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  • 26

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QTS

QTS Realty Trust

$40.90

-0.05 (-0.12%)

07:23
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Initiation
QTS Realty Trust initiated  »

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  • 26

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BA

Boeing

$356.01

5.2 (1.48%)

07:22
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Boeing signs integrated services agreement with Blackshape »

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  • 25

    Jul

NFLX

Netflix

$400.24

4.32 (1.09%)

07:22
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07/17
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07:22
Recommendations
Netflix analyst commentary  »

Oppenheimer remains…

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NFLX

Netflix

$400.24

4.32 (1.09%)

07:22
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07/17
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07:22
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Netflix analyst commentary  »

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INXN

Interxion

$64.05

0.77 (1.22%)

07:21
07/17/18
07/17
07:21
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07:21
Initiation
Interxion initiated  »

Interxion resumed with a…

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  • 02

    Aug

07:20
07/17/18
07/17
07:20
07/17/18
07:20
General news
FX Update: The Dollar remained on a softening tack »

FX Update: The Dollar…

BAESY

BAE Systems

$0.00

(0.00%)

07:19
07/17/18
07/17
07:19
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07:19
Periodicals
BAE Systems wants international partners for UK fighter project, Reuters says »

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INAP

Internap

$11.31

-0.63 (-5.28%)

07:19
07/17/18
07/17
07:19
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07:19
Initiation
Internap initiated  »

Internap resumed with a…

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V

Visa

$138.45

-0.91 (-0.65%)

, MA

MasterCard

$204.05

-1.86 (-0.90%)

07:19
07/17/18
07/17
07:19
07/17/18
07:19
Recommendations
Visa, MasterCard analyst commentary  »

Visa price target raised…

V

Visa

$138.45

-0.91 (-0.65%)

MA

MasterCard

$204.05

-1.86 (-0.90%)

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  • 25

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