DA Davidson analyst Kurt Yinger lowered the firm’s price target on Builders FirstSource (BLDR) to $125 from $135 and keeps a Neutral rating on the shares. Shares of Builders FirstSource have traded up modestly since reporting Q2 results last week with a resilient gross margin performance seemingly offsetting a meaningful downward revision to the full-year EBITDA guide, the firm told investors in a research note. Results serve as another data point supporting the notion that there are meaningful lasting gross margin improvements vs. pre-Covid, according to DA Davidson. However, further cuts to overall profitability forecasts highlight persistent core single-family demand pressures, the firm noted.
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