BTIG Downgrades TopBuild Citing Valuation

BTIG analyst Ryan Gilbert downgraded TopBuild Corp BLD to Neutral from Buy as part of a broader research note on Building Products.
Gilbert states that while 2021 was strong for the group as companies capitalized on a favorable supply/demand dynamic to drive outsized revenue and EBITDA growth, 2022 growth will slow in the single-family new construction.
The analyst adds that his rating change on TopBuild is a "valuation-driven call," saying the stock has little room for either multiple expansion or upward revision.
Price Action: BLD shares are trading lower by 1.13% at $273.35 on the last check Friday.