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.

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