QXO -6.61% OC -4.26% ^IXIC -0.22% BLDR -4.75% ^GSPC -0.22% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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.
Though the price target change was QXO-specific, RBC's sour outlook was industrywide, as it revised its estimates for building-product manufacturers, projecting a 10% drop in earnings per share in 2027.
Helmed by serial acquirer Brad Jacobs, QXO will have its work cut out for it, as it will have to rely on M&A to drive the majority of growth in the near term, while the broader U.S. housing market remains somewhat gridlocked.
I may buy a few more QXO shares -- largely because of Jacobs' track record -- but I'll treat it as a more speculative investment for now, since a housing turnaround may take multiple years.
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Josh Kohn-Lindquist has positions in QXO. The Motley Fool has positions in and recommends Owens Corning and QXO. The Motley Fool has a disclosure policy.
Stock Market Today, Oct. 7: QXO Falls 7% on RBC Price-Target Cut to $18 was originally published by The Motley Fool
