Beacon Roofing hits highest price since July '07; Baird upgrades to outperform
NEW YORK, Aug 11, 2008 (Thomson Financial via COMTEX) -- By Staff Reporter
Company: Beacon Roofing Supply Inc (BECN)
Shares of Beacon Roofing Supply Inc. Monday rose to their highest price in more than a year after the company was upgraded to outperform from neutral at Robert W. Baird, which said the negative impact from residential construction was lessening.
The firm also raised its price target on the company to $19 from $12. "Major price increases, steady unit growth, and higher margins will drive earnings growth, despite potential deterioration in non-residential (mainly less significant new construction) markets," Baird wrote.
Shares of Beacon rose 3.6% to $15.23 in morning trading Monday. An intraday trade of $15.77 represented the highest price for the shares since July 2007. Volume of 657,814 shares outpaced the issue's 30-day average volume of 639,930 shares. The stock has rebounded from an all-time low of $6.70 reached on Jan. 9.
Baird said there was "still plenty of upside" at the distributor of building products. Ryan Vlastelica rv/vj
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Company: Beacon Roofing Supply Inc (BECN)
Related terms: construction, earnings, residential, trade
