Piper Jaffray Adjusts Estimates on Beacon Roofing Supply (BECN)
Piper Jaffray is adjusting their 4Q10 EPS to $0.39 on Beacon Roofing Supply (NASDAQ: BECN) due to sluggish residential roofing demand.
In a note to clients, Piper Jaffray writes, "With the exception of pockets in the midwest and mid-atlantic which had storm catalysts we continue to see tepid residential reroofing demand across most major markets. Shingle
manufactures reported drastically reduced 3Q orders which partly reflected the early season distributor inventory build up, but based on the magnitude, do suggest weak end market demand pull."
Piper Jaffray maintains Neutral on BECN. BECN is trading at $15.80.
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