QXO shares hit 52-week lows following RBC price target cut

Shares of QXO, Inc. experienced significant downward pressure, hitting fresh 52-week lows following a price target reduction by Royal Bank of Canada (RBC). RBC analyst Mike Dahl lowered the target from $27 to $18, citing weak residential roofing demand and elevated inventory levels heading into the fourth quarter.

Despite the target cut, RBC maintained an ‘Outperform’ rating for the tech-enabled building products distributor. Conversely, Melius Research recently initiated coverage on QXO with a ‘Buy’ rating and a $17.00 price target, describing the stock as having ‘compelling value.’

Institutional activity remains notable, with Moody National Bank Trust Division increasing its position in QXO by 63.4% during the third quarter. The company, led by Brad Jacobs, continues to rely on mergers and acquisitions for growth amid a gridlocked U.S. housing market.