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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Read More on GMS:

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• GMS Receives Acquisition Proposal from QXO, Inc.

• Home Depot bid for GMS may be viewed ‘slightly negatively,’ says RBC

• GMS Inc. price target raised to $92.20 from $65 at RBC Capital

• GMS Inc. price target raised to $105 from $80 at Truist

• GMS Inc. price target raised to $90 from $80 at Raymond James