Business

Mass. Mover

Beacon Roofing slips on downgrade

Investment research firm Zacks said it sees improvement in the construction business.
Essdras M Suarez/Globe staff
Investment research firm Zacks said it sees improvement in the construction business.
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Shares of Peabody’s Beacon Roofing Supply Inc. slipped after Zacks downgraded the company from outperform to neutral. The firm currently has $35 target price on the stock. Zacks analysts noted the company’s most recent earnings were in line with their estimate but revenue fell short of Zacks’ estimate. But the firm was heartened by signs of improvement in residential and nonresidential construction sectors, which it said bodes well for Beacon going forward.