TopBuild $BLD stock confirmed the break of a major support level on November 3, 2022. The company just reported EPS and revenue beats on November 1, 2022.
TopBuild Reports Third Quarter 2022 Results
TopBuild Corp. (NYSE:BLD), a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada reported results for the third quarter ended September 30, 2022. TopBuild reported Q3 adjusted EPS of $4.80 versus the consensus estimate of $4.07. The company reported Q3 revenue of $1.3B versus the consensus estimate of $1.21B. The company reported a 53.8% increase in sales YoY.
Robert Buck, President and Chief Executive Officer, stated “We had another outstanding quarter with revenue growth in all three end-markets we serve: residential, commercial, and industrial. In addition, EBITDA margins at both business segments expanded, driven by operational efficiencies.
“As we look to the rest of this year and next, our focus remains on driving profitable growth and identifying and implementing initiatives that will enhance our Company’s operations. Our entire team remains focused on continuing to deliver strong results and creating shareholder value in every operating environment.”
TopBuild price target lowered at Deutsche Bank
On October 20, 2022, Deutsche Bank analyst Joe Ahlersmeyer cut the company’s price target on TopBuild to $206 from $236 and left the stock with a Hold rating. The analyst believes the Q3 earnings season for building products will be characterized by continued strong earnings results and confirmed near-term outlooks, but is not surprised by another step below next year’s estimates. He doesn’t expect this earnings season to catalyze the deep cuts that would stabilize current prices and lower multiples. He said if earnings season doesn’t change much, stocks will probably trade cheaper until we can eliminate most negative volatility scenarios, which is unlikely to happen soon.
TopBuild $BLD Stock Technical Analysis
TopBuild $BLD stock is in a technical strong downtrend. Long-term indicators support a continuation of the downtrend. Major support at $152.72 was taken out suggesting further downside is ahead.