Piper Jaffray Reiterates Overweight On Beacon Roofing (BECN)

Piper Jaffray is continuing to reiterate its Overweight rating and $24 price target on shares of Beacon Roofing Supply BECN ahead of Beacon's earnings report. In a note to clients Piper Jaffray writes, "We continue to recommend owning Beacon Roofing Supply as we believe the catalysts for market outperformance remains in place following our channel checks and discussions with management. We believe despite weak home building activity, demand for roofing products will continue to expand as the housing stock in the U.S. continues to age and require re-roofing. In addition, we believe recent pricing actions by the shingle manufacturers have been successfully implemented in the channel and will not be detrimental to BECN's margins. Our PT remains $24." Shares of Beacon Roofing are down 27 cents to $16.94.