GMS falls after Raymond James downgrades to 'market-perform'

Shares of building products distributor GMS GMS.N down 1.2% to $98.5 after Raymond James trims rating to "market-perform" from "outperform"

Brokerage says while the “hostile” situation is clearly fluid, it views risk/reward as balanced, especially with GMS now trading well above the offer price and the existence of limited incentives for higher competing bids/bidding war

Last week, QXO QXO.N offered $5 billion for GMS and threatened to go hostile

Says it views QXO as unlikely to counter with a higher bid

2 of 8 brokerages rate GMS "buy" or higher and 6 "hold"; their median PT is $95 - LSEG data

As of last close, GMS up 17.5% YTD