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BECN

Beacon Roofing

$34.87

-1.32 (-3.65%)

07:56
10/02/18
10/02
07:56
10/02/18
07:56

Beacon Roofing downgraded to Neutral at Baird on cyclical, secular concerns

Baird analyst David Manthey downgraded Beacon Roofing to Neutral from Outperform and cut his price target to $37 from $55, citing cyclical and secular concerns. September-quarter residential roofing market conditions weakened, according to preliminary survey feedback, Manthey tells investors in a research note, adding that industry behavior is a bigger concern beyond the near-term with difficulty attaining price and volume simultaneously. Manthey, who also removed Beacon's Fresh Pick designation, said recent trends have him questioning his view of structural industry dynamics, and that while shingle demand is "extremely stable" long-term, competitive issues cause him to be concerned about the quality of industry profit pools.

BECN Beacon Roofing
$34.87

-1.32 (-3.65%)

08/14/18
SPHN
08/14/18
NO CHANGE
Target $50
SPHN
Overweight
Beacon Roofing price target cut to $50 from $52 at Stephens
Stephens analyst Trey Grooms lowered his price target for Beacon Roofing to $50 from $52 and maintained an Overweight rating after the company following its recent Q3 sales miss that was hurt by a decline in residential roofing largely due to lackluster hail storms in the Midwest. Grooms believes the long-term thesis is still intact.
08/28/18
MKMP
08/28/18
NO CHANGE
MKMP
MKM Partners lowers price targets on Building Products names
MKM Partners analyst Megan McGrath writes that Q2 earnings season was "challenging" for most building products companies, and the current operating environment leaves "little room for unexpected headwinds". As part of her sector research note, the analyst lowers price target on Neutral-rated Whirlpool (WHR) to $146 from $179 and Buy-rated Beacon Roofing (BECN) to $49 from $61, calling them the most disappointing in terms of earnings, even though both companies posted some of the better margins. McGrath states that both names need to improve sales by Q4 for their stocks to recover. The analyst also lowers her price target on Neutral-rated Owens Corning (OC) to $63 from $79, reflecting its "melter failure and inefficiencies in its mineral wool plants" along with weak shingle demand in the northwest. McGrath also lowers the price target on Buy-rated Mohawk (MHK) to $221 from $302 to account for slower realization of price increases.
09/24/18
LBOW
09/24/18
NO CHANGE
LBOW
Roofing estimates lowered after survey at Longbow
Longbow analyst Garik Shmois lower his roofing estimates stating that his survey work points to a deceleration in volume in September, due in part to weather. However, he added that roofing prices are largely stable to slightly up quarter over quarter in Q3. The analyst, who said he favors distributors like Beacon Roofing (BECN) right now since another move up in asphalt could be tough for OEMs to recover, keeps Buy ratings on Beacon and Owens Corning (OC) and a Neutral rating on Carlisle (CSL).
10/02/18
BARD
10/02/18
DOWNGRADE
BARD
Neutral
Beacon Roofing downgraded to Neutral from Outperform at Baird

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$NSD

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HSY

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KNX

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DNLI

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RDY

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OMI

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TKC

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DDAIF

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iQIYI

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