Loop Capital Raises Carlisle Companies Price Target by 17.3% on Strong Buy Rating

By Don Francis, Editor
April 3, 2024 8:02 AM UTC
Loop Capital Raises Carlisle Companies Price Target by 17.3% on Strong Buy Rating

Loop Capital's Garik Shmois raised their price target on Carlisle Companies (NYSE: CSL) by 17.3% from $375 to $440 on 2024/04/01. The analyst maintained their Strong Buy rating on the stock.

In a Building Products sector review note, Shmois explained their decision, stating that they hiked their estimates on Carlisle Companies after "another round of better-than-expected roofing channel checks." This suggests that Shmois has confidence in the company's performance and expects positive results in the roofing industry.

Shmois also provided insights into other companies in their portfolio. They raised the price target on Beacon Roofing Supply Inc by 4.5%, from $110 to $115, and maintained their Strong Buy rating. Additionally, Shmois raised the price target on Owens Corning by 12.6%, from $167 to $188, and also maintained their Strong Buy rating.

These actions taken by Shmois indicate their belief in the growth potential of these companies and their positive outlook on the building products sector as a whole.

Furthermore, Shmois mentioned Loop Capital's research findings on Beacon Roofing Supply. According to their research, there is an upside to current consensus estimates for Q1 2024 volume and FY 2024 pricing. This suggests that Beacon Roofing Supply may outperform expectations in terms of volume and pricing, which could lead to increased profitability.

Shmois also highlighted the positive implications of Home Depot's acquisition of privately held SRS Distribution for Beacon Roofing Supply. They stated that "the broader read-throughs" for Beacon Roofing Supply from this acquisition are positive on both valuation and competitiveness. This indicates that Shmois believes the acquisition will have a favorable impact on Beacon Roofing Supply's overall position in the market.

It is worth noting that 100% of top-rated analysts currently rate CSL as a Strong Buy or Buy, with no analysts seeing it as a Hold or recommending selling the stock. This suggests a widespread positive sentiment among analysts towards CSL.

The consensus forecast among analysts is that CSL's upcoming year will deliver earnings per share (EPS) of $21.88. If the analysts' predictions are accurate, CSL's next yearly EPS will be up by 42.5% on a year-over-year basis. This indicates strong growth potential for the company.

In terms of CSL's stock performance, since the last quarterly report on 2023/12/31, the stock price has increased by 25.2%. Year-over-year, the stock is up 73.2%. During this period, CSL has outperformed the S&P 500, which has seen a 26.2% increase. These figures highlight CSL's strong performance and its ability to deliver above-average returns to investors.

Loop Capital analyst Garik Shmois is ranked in the top 8% out of 4,530 Wall Street analysts by WallStreetZen. They have an average return of 20.3% and a 64.2% win rate. Shmois specializes in the Consumer Cyclical, Basic Materials, and Industrials sectors. This expertise suggests that Shmois has a deep understanding of the industries in which CSL operates, further bolstering their credibility as an analyst.

Carlisle Companies Incorporated, the subject of Shmois' rating update, is a manufacturer of a wide range of engineered products. The company produces various products under brand names such as Carlisle, Binks, DeVilbiss, Ransburg, BGK, MS Powder, Thermax, Tri-Star, LHi Technology, Providien, SynTec, Weatherbond, Hunter Panels, Resitrix, Hertalan, Insulfoam, and Versico. These offerings include roofing materials, insulation, and hardware used in construction, as well as wires and cables for aerospace, military, defense, medical device, and industrial applications. Carlisle serves niche markets in the U.S. and internationally. The company was founded in 1917 and is headquartered in Phoenix, AZ.

What is the target price for CSL?

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