Truist analyst Keith Hughes lowered the firm’s price target on GMS Inc. (GMS) to $80 from $97 and keeps a Hold rating on the shares. The company’s Q3 EBITDA and Q4 guide were well below expectations and represent substantial y/y declines, the analyst tells investors in a research note. GMS end-user market outlook was very weak in multi-family as expected, but also includes the most bearish single-family and non-residential construction view the firm has seen in earnings, Truist added.

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