Builders FirstSource price target lowered to $230 from $242 at Oppenheimer

Oppenheimer analyst Tyler Batory lowered the firm’s price target on Builders FirstSource to $230 from $242 and keeps an Outperform rating on the shares ahead of quarterly results. The firm notes clients have communicated to Oppenheimer that the midpoint of guidance is likely to be reduced, but it disagrees and views $2.6B as attainable this year. Revenue should inflect higher in the second half of 2024 mostly due to seasonality and comps while industry data points tilt constructive, the firm argues, saying that the two acquisitions completed in July are also positives.