Barclays, Baird, and Loop Capital have raised their price target on GMS to $110 as the deal with Home Depot gives the building products distributor a chance to revive earnings amid residential and commercial demand pressure
Shares of building materials distributor GMS (NYSE:GMS) jumped 11.7% in the afternoon session after the company announced it had agreed to be acquired by The Home Depot's subsidiary, SRS Distribution. The all-cash deal values the specialty building products distributor at $110.00 per share, for a total enterprise value of approximately $5.5 billion.
The Home Depot Inc. is acquiring GMS Inc. for $4.3B, expanding its reach in the pro contractor space and adding to its capabilities and service offerings.
U.S. stock futures are up Monday morning, but only marginally as tensions continue to flare in the Middle East, following American airstrikes on Iranian nuclear facilities over the weekend.
Shares of building materials distributor GMS (NYSE:GMS) jumped 26.2% in the afternoon session after Home Depot joined QXO in a bidding war to acquire the company.
Let's have a look at what is happening on the US markets in the middle of the day on Friday. Below you can find the top gainers and losers in today's session.
The session on Friday is off to an intriguing start with several stocks showing significant price gaps. Let's examine the gap up and gap down stocks in today's session.
While many analysts on Wall Street have raised their price targets on GMS after The Wall Street Journal’s report that Home Depot may have submitted a competing bid against QXO, RBC Capital said the lack of details “raises questions.”
