Beacon price target raised to $73 from $65 at Stephens

Stephens analyst Trey Grooms raised the firm’s price target on Beacon to $73 from $65 and keeps an Equal Weight rating on the shares. While Beacon reported a slight sales miss in Q4, calendar 2023 sales and EBITDA guidance were ahead of expectations, the analyst tells investors. This year’s sales guidance of 2% to 4% growth assumes volume to be down, with the steepest declines in new residential, noted the analyst, who thinks the company’s assumptions "appear reasonable," but sees potential for risk to pricing as demand weakens.