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Wunderlich Securities initiates its coverage on Beacon Roofing Supply
BECN with a Buy rating and a price target of $30.
Wunderlich Securities says, "We are initiating coverage of Beacon Roofing Supply, Inc. (BECN) with a Buy rating and a $30 target. Beacon's long-term outlook is highly attractive, as the cyclically depressed roofing industry should realize a substantial residential reroofing and new construction recovery. Beacon has been a material beneficiary of price inflation resulting in earnings power of ~3x its 2005-2006 cycle peak. Beacon remains one of the primary consolidators in a highly fragmented industry adding ~$160 million to sales in the past year (including a pending deal). While the company faces near-term uncertainty given damaging year-ago spring storms, investors should note that important hurricane demand has been non-existent since the fall of 2008."
BECN closed at $25.24 on Thursday.
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