Beacon Roofing Supply Downgraded to Underperform at Zacks (BECN)
Beacon Roofing Supply (NASDAQ:BECN) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research note issued on Thursday, Stock Ratings Network.com reports. They currently have a $33.00 target price on the stock. Zacks‘ price objective suggests a potential downside of 9.69% from the company’s current price.
Zacks‘ analyst wrote, “We are downgrading Beacon Roofing from Neutral to Underperform, with a target price of $33.00 on account of its estimates undergoing downward revisions following its weak third quarter results. Beacon reported third-quarter 2013 adjusted earnings of $0.55 per share, compared with $0.62 in the year-ago quarter. The quarter results were affected by tough weather conditions and increase in product cost, partially offset by lower interest expense. For 2013, Beacon lowered its earnings per share forecast to $1.50-$1.60, based on subdued demand and increase in competition. General market softness, weakness in construction sector and pricing pressure remain matters of concern moving forward.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Longbow Research initiated coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note to investors on Friday, September 6th. They set a “neutral” rating on the stock. Analysts at RBC Capital cut their price target on shares of Beacon Roofing Supply (NASDAQ:BECN) from $44.00 to $41.00 in a research note to investors on Tuesday, August 13th. They now have a “sector perform” rating on the stock.
One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Beacon Roofing Supply currently has an average rating of “Hold” and a consensus target price of $40.00.
Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by $0.16. The company had revenue of $627.20 million for the quarter, compared to the consensus estimate of $668.77 million. During the same quarter in the prior year, the company posted $0.53 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis.
Beacon Roofing Supply, Inc is a distributor of residential and non-residential roofing materials in the United States and Canada.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.