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In a report published Thursday, Imperial Capital analyst Scott Levine initiated coverage on
Builders FirstSourceBLDR with an Outperform rating and $7.50 price target.
In the report, Imperial Capital noted, “We are initiating coverage of BLDR shares with an Outperform rating, and a one-year price target of $7.50, about 22% above the recent share price. BLDR is a leading supplier of building products with potential to outgrow the market, given its favorable geographic footprint and vertically-integrated model. While the balance sheet carries some debt, we expect liquidity and free cash flow to improve going forward, given the company's leverage to an improving housing market, as well as its recent, accretive credit/debt refinancing. The company also has $350mn of 7.625% senior secured notes due 2021. We do not rate the company's debt securities.”
Builders FirstSource closed on Wednesday at $6.14.
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