Barclays analyst Matthew Bouley raised the firm’s price target on GMS Inc. (GMS) to $95 from $71 and keeps an Equal Weight rating on the shares after QXO (QXO) publicly announced its bid to acquire GMS for $95.20 and The Wall Street Journal subsequently reported that Home Depot (HD) has also submitted an offer. With Home Depot making its push towards the Pro and QXO acquiring Beacon earlier this year, “there are clearly two behemoths making a push to consolidate the building products distribution sector” and this first – at least public – meeting of QXO and Home Depot in competing for a deal “may well not be the last,” the analyst tells investors.
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