- RBC Capital analyst Mike Dahl upgraded Beacon Roofing Supply, Inc. BECN to Outperform from Sector Perform with an unchanged price target of $63.
- Dahl states that the stock now trades at 9.1-times his 2022 EBITDA of $598, which has gone up 3% from his prior estimate, adding that this multiple is 1-3 times below its recent highs and in line with its long-term average in spite of the company's improvements to margins and the balance sheet.
- Dahl adds that these warrant a higher multiple, as the management also ramps up its efforts around improving bottom quintile branches and increases focus on the OTC network.
- Price Action: BECN shares are trading higher by 1.48% at $53.38 on the last check Monday.
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