RBC cuts Beacon Roofing Supply rating on QXO offer price

RBC Capital Markets lowers rating of Beacon Roofing Supply BECN.O to "sector perform" from "outperform"

Lifts price target by 35 cents to $124.35, representing a 0.5% upside to the stock's last close

Says rating and PT change are to match acquisition price offered by QXO QXO.N of $124.35/share, expects consummation of transaction around end of April

"We believe BECN should trade closer to in line with its distributor peer group avg. given its scale and relatively less cyclical business, though strong private competitors and pricing give-back can be headwinds to earnings" - brokerage

Three brokerages rate BECN "buy" and 11 "hold"; their median PT is $124.25 - data compiled by LSEG

As of last close, stock had risen 21.9% YTD