Beacon price target lowered to $115 from $117 at Baird

Baird lowered the firm’s price target on Beacon to $115 from $117 and keeps an Outperform rating on the shares. The firm said they reported disappointing 2Q24 results and lowered full-year guidance. Some of the pain was self-inflicted, however, as management seemingly baked in too aggressive inventory profit expectations; despite good realization of April’s price increase, it was not enough to meet gross margin guidance.