Truist Lowers PT on QXO, Inc. (QXO) to $28 From $30, Keeps a Buy Rating

QXO, Inc. (NYSE:QXO) is one of the best large cap stocks with more than 50% upside. Truist analyst Keith Hughes lowered the firm’s price target on QXO, Inc. (NYSE:QXO) to $28 from $30 on October 9, while maintaining a bullish stance on the company.

The firm told investors that it updated its models to take into account the roofing volume weakness in recent months, citing weaker new construction and lack of strong storm activity as factors driving the downside.

Hughes further told investors in a research note that the firm has a growing sense that winter months would experience an inventory reduction in the channel, which may hurt production.

QXO, Inc. (NYSE:QXO) distributes roofing, waterproofing, and complementary building products in the United States. The company has plans to become a tech-enabled player in the building products distribution industry.

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Disclosure: None. This article is originally published at Insider Monkey.