Stephens analyst Trey Grooms downgraded GMS Inc. (GMS) to Equal Weight from Overweight with an unchanged price target of $95 to reflect a more balanced risk-reward given the stock is currently trading above QXO‘s (QXO) $95.20 offer price and the details around a competing offer from Home Depot (HD) remain uncertain. QXO has “a track record of a having a disciplined approach to M&A” and while the market doesn’t know details around a potential HD offer, the firm would not expect something “significantly higher than the current trading price,” the analyst stated.
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