Stock Market Today, Oct. 7: QXO Falls 7% on RBC Price-Target Cut to $18
QXO (NYSE:QXO), a tech-enabled roofing and building products distributor, closed at $11.30, down 6.65%. A premarket RBC price-target cut and softer residential roofing demand pressured the shares; investors are watching demand trends and execution on integration. Trading volume reached 44.4M shares, coming in about 114% above its three-month average of 20.8M shares. QXO IPO’d in 2024 and has fallen 6% since going public.
The S&P 500 (SNPINDEX:^GSPC) fell 0.23% to 7,801, and the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.22% to 27,539. Among building products distribution and installation peers, Builders FirstSource (NYSE:BLDR) closed at $53.57, down 4.71%, while Owens Corning (NYSE:OC) ended at $114.59, down 4.33%, reflecting softer housing-demand sentiment across the group.
An RBC analyst lowered their price target on QXO from $27 to $18, prompting the latter’s shares to slip 7%. While QXO remains a “preferred name” for RBC with an outperform rating (and 50%-plus upside from today’s price), the analyst believes QXO’s sales may slip by high single digits in Q3 compared to last year.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.