KeyBanc lowered the firm's price target on QXO to $28 from $32 to reflect lower market multiples following shareholder approval of the TopBuild acquisition, while keeping an Overweight rating on the shares following. Deal arbitrage and a tough macro have put pressure on QXO shares. While underlying fundamentals remain challenging, KeyBanc sees deal closure and some signs of stability at Beacon as a positive catalyst. The firm sees shares moving higher as demand recovers and benefits from QXO's tech stack become more apparent.
