Deutsche Bank analyst Joe Ahlersmeyer raised the firm’s price target on Core & Main to $54 from $49 and keeps a Buy rating on the shares. For building products, the firm again sees the year ahead favoring stock selection, and again recommends investors start 2024 with a positive bias toward residential construction exposure and the distributor business model. The analyst reiterates Top Picks TopBuild (BLD), Builders FirstSource (BLDR) and Core & Main (CNM), and adds Beacon (BECN) to Top Picks in recognition of consistent progress on its initiatives and a belief that the roofing category will continue to deliver in 2024.
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Read More on CNM:
- Core & Main 15M share Spot Secondary; price range $35.80-$36.25
- Core & Main announces offering of 15M shares of Class A common stock for holders
- Core & Main price target raised to $28 from $25 at BofA
- Core & Main exec Stephens sells 18,500 class A shares
- Core & Main reports Q3 EPS 65c, consensus 69c