Raymond James Initiates QXO, Inc. (QXO) With a Buy

QXO, Inc. (NYSE:QXO) is one of the Best Stocks to Buy for the Next 3 Months According to Hedge Funds. On September 5, Sam Darkatsh from Raymond James initiated coverage of QXO, Inc. (NYSE:QXO) with a Buy rating and a $28 price target.

The analyst sees QXO as a good investment opportunity and describes the setup for the company as asymmetrically favorable. He also highlighted the company’s acquisition of Beacon Roofing Supply for around $11 billion to be a major milestone. Darkatsh believes that this acquisition gives QXO a strong platform in building product distribution and supports the company’s goal to reach $50 billion in revenue. However, the analyst warned about some possible execution risks that could potentially challenge and delay the company’s plan.

QXO, Inc. (NYSE:QXO) distributes roofing, waterproofing, and building products in the US. It uses technology to help contractors and suppliers manage inventory, orders, and customer service.

While we acknowledge the potential of QXO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than QXO and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.