On Wednesday, leading investment bank Oppenheimer $OPY initiated coverage of QXO $QXO stock, assigning an “Outperform” rating with a target price of $27 per share. This initiation follows QXO's recent completion of a foundational acquisition — the purchase of Beacon Roofing Supply $BECN, a key player in North American building materials distribution. The move underscores QXO’s strategic ambition to consolidate its position and ultimately target $50 billion in revenue within the construction supply sector.

QXO, controlled by billionaire Brad Jacobs, has initiated a significant agreement to acquire Beacon Roofing Supply, valuing the company at approximately $7.7 billion. Including debt, the total cost of the deal reaches about $11 billion. This news, reported by the Wall Street Journal, highlights the increasing activity in the building materials distribution market.