Beacon resumed with a Buy at Stifel

Stifel resumed coverage of Beacon (BECN) with a Buy rating and $115 price target Amid the “robust” valuations prevailing across building products and home improvement, Beacon’s discounted valuation is “compelling” against Stifel’s long-term enthusiasm, with the firm’s outlook suggesting mid-teens return of market capitalization via share repurchase at current levels, the analyst tells investors in a research note. The firm says Beacon’s successful execution against “Project 2025” Initiatives drives confidence in the company’s ability to outperform the U.S. roofing category growth while enhancing its leading position and growth prospects through greenfield expansion and acquisitions.