UPDATE: JP Morgan Raises PT to $40 on Beacon Roofing Supply; Fundamental Strength Continues

JP Morgan maintained Beacon Roofing Supply BECN with a Neutral rating and raised the price target from $38.00 to $40.00. JP Morgan analyst Michael Rehaut noted, "Following a recent conversation and company update we had with CEO Paul Isabella last week, we believe BECN is poised to continue demonstrating its recent positive fundamental trends across both gross margins as well as the execution of its long-term growth strategy, which includes acquisitions and the reacceleration of organically driven share gains. Moreover, we remain comfortable with our FY13 and FY14 EPS estimates of $1.98 and $2.30, respectively, which we note are above the Street consensus of $1.85 and $2.13." Beacon Roofing Supply closed at $39.48 on Friday.