DA Davidson analyst Kurt Yinger notes TopBuild (BLD) announced the acquisition of Specialty Products and Insulation for $1.0B. Recall that in July 2023 TopBuild had announced an agreement to acquire SPI, though that deal was mutually terminated in April 2024. Overall, the firm views the deal favorably considering attractive synergies, TopBuild’s strong track record of integration, and the opportunity to enhance the company’s value proposition with commercial/industrial customers, while also decreasing cyclicality with a growing maintenance/repair exposure. Davidson has a Buy rating on TopBuild with a price target of $65 on the shares.
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