TopBuild price target lowered to $400 from $435 at Stephens

Stephens analyst Trey Grooms lowered the firm’s price target on TopBuild to $400 from $435 and keeps an Equal Weight rating on the shares. Q2 sales and adjusted EBITDA missed expectations and full year revenue and adjusted EBITDA guidance was lowered, notes the analyst, who expects TopBuild to face a large headwind in 2025 given the considerable decline in multi-family starts seen year-to-date.