Zacks Investment Research downgraded shares of Beacon Roofing Supply, Inc. (BECN) from NEUTRAL to UNDERPERFORM on September 19, 2013, with a target price of $33.00.
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.
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