BUZZ-KeyBanc initiates QXO with 'overweight' rating

Reuters10-01

** KeyBanc initiates building products distributor QXO QXO.N with 'overweight' rating, PT at $28

** PT represents a 46.9% upside to stock's last close

** Says the combination of non-discretionary demand in core roofing markets and management’s track record of acquiring/improving businesses provides a solid foundation for above-market growth and long-term shareholder value creation

** "Within the $800 bln Building Products Distribution space, we feel QXO’s consolidation strategy has ample runway to unlock value as co scales toward its $50 bln vision," KeyBanc says

** 12 of 12 brokerages rate the stock "buy" or higher; their median PT is $31 - according to data compiled by LSEG

** As of last close, stock up about 20% YTD

(Reporting by Parth Chandna)

((Parth.Chandna@thomsonreuters.com;))

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