QXO initiated with an Outperform at Raymond James

Raymond James initiated coverage of QXO (QXO) with an Outperform rating and $28 price target QXO, with the acquisition of Beacon Roofing, now has a platform within building products distribution to support its long-term goal of becoming a $50B revenue company, the analyst tells investors in a research note. While the firm views QXO shares as an asymmetrically favorable setup, enthusiasm is partially tempered by potential execution risk that could challenge or interrupt its “proof of concept,” the firm adds.