Oppenheimer initiated coverage of Builders FirstSource with an Outperform rating and $220 price target, calling it the firm’s Top Pick in the Building Products space. The company has “a market-leading position in a fragmented industry” and should benefit from single-family housing starts in 2024, on which the firm has an “optimistic view,” the analyst tells investors. The firm views Builders FirstSource as “a best-in-class industry leader that deserves a premium multiple,” the analyst added.
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