Jefferies Maintains Hold on Beacon Roofing (BECN)

Jefferies is out with its report today on Beacon Roofing BECN, maintaining Hold. In a note to clients, Jefferies writes, "We believe Beacon Roofing is a well-run company with strong operational and financial controls. In our view, the macro uncertainty including weak residential reroofing market demand, limited new construction activity, and potentially aggressive competitor behavior in a fragmented market, limits upside for Beacon. We are lowering our fiscal 2011 EPS target and maintaining our HOLD rating." Jefferies has a $22 PT on BECN. Shares of BECN closed Monday at $20.09.