UPDATE: Imperial Capital Downgrades Builders FirstSource on Valuation
In a report published Monday, Imperial Capital analyst Scott Levine downgraded the rating on Builders FirstSource (NASDAQ: BLDR) from Outperform to In-Line, but raised the price target from $8.50 to $9.50.
In the report, Imperial Capital noted, “We are raising our one-year price target to $9.50 from $8.50 (about 9% above the recent share price) and are lowering our rating to In-Line from Outperform. We maintain a favorable view of BLDR's growth prospects, driven by expectations of increased single-family housing construction activity in the Southern U.S., and further market share gains. That said, with the shares approaching our price target following a period of recent relative outperformance, we see more upside elsewhere.”
Builders FirstSource closed on Friday at $8.74.
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