QXO initiated with a Buy at Truist

Truist initiated coverage of QXO (QXO) with a Buy rating and $30 price target QXO is attempting to consolidate a still-fragmented building products distribution industry and purchased Beacon in April as “a substantial first move,” the analyst tells investors. The “plan is far bigger than just this deal,” and the aggressive timetable set out by QXO will require frequent deal making, which the firm believes the company is structured to undertake, the analyst added.