Baird lowered the firm’s price target on GMS Inc. to $100 from $112 and keeps an Outperform rating on the shares. The firm said they modestly missing 4QF24 consensus estimates and issued soft 1QF25 guidance. Steel pricing deflation, slower realization of wallboard price increases, and cyclical end market improvement being pushed slightly to the right with rate cuts yet to materialize drove a recalibration of estimates/investor expectations, which is consistent with the firm’s cautious near-term stance on the distributors overall.
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