KeyBanc raised the firm’s price target on QXO (QXO) to $32 from $30 and keeps an Overweight rating on the shares following the company’s announcement of its intent to acquire TopBuild (BLD) for $17B. The firm believes the acquisition accelerates QXO’s strategy to become the largest, most comprehensive building products distributor, while adding a leader in insulation distribution and installation and mixing up margin profitability. KeyBanc expects the deal to be well received and expects shares to move higher near term.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on QXO:
- QXO to Acquire TopBuild, Expanding Building Products Reach
- QXO: Buy Rated on Transformative TopBuild Acquisition, Synergy Upside, and Multiple Expansion Potential
- M&A News: TopBuild Stock (BLD) Soars on $17B Acquisition by Brad Jacob’s QXO
- QXO to acquire TopBuild for $17B in cash, stock transaction
- QXO: Building a Tech-Enabled Distribution Platform Through Disciplined M&A and Operational Upgrades