Builders FirstSource price target raised to $175 from $135 at Wedbush

Wedbush raised the firm’s price target on Builders FirstSource to $175 from $135 as the firm shifts to a 2024 valuation, while keeping an Outperform rating on the shares. Assuming the move higher in cash lumber prices over the last 3 weeks is the beginning of an uptrend in lumber prices, Wedbush is also raising its second half of 2023 revenue forecast and increasing its fiscal 2024 revenue and AEBITDA estimates.