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GMS Inc. downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded GMS Inc. (GMS) to Market Perform from Outperform without a price target. With the shares trading well above the only publicly quantified offer price from QXO (QXO), limited incentive for another buyer to put forth a bid well above where shares currently trade, and the unlikelihood of QXO to raise its offer even in the event of an over-the-top bid, GMS’s risk/reward is more balanced, the analyst tells investors in a research note. The firm says “conspicuously absent” in the Wall Street Journal article on a potential Home Depot (HD) bid were key details including an actual offer price and the timing as to when the bid was actually submitted.

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