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Builders FirstSource acquires L&P Building Supply: Will BLDR hold $64.94 support?
Builders FirstSource has acquired L&P Building Supply, expanding its reach in the building products sector. The stock is up 4.4% on the day at $67.82.
BLDR price prediction
Current price:
$67.82
2.88
4.43%
Closed
11/02
Daily range
65.86
68.33
68.33
Weekly range
54.81
68.33
68.33
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Highlights
- Builders FirstSource has acquired L&P Building Supply to expand its presence in southern New Mexico and West Texas markets.
- Shares of Builders FirstSource are up 4.4% on the day at $67.82.
- 43 of 92 analysts rate the stock a buy, with a median price target of $73, 7.6% above the current price.
Builders FirstSource has acquired L&P Building Supply in Las Cruces, New Mexico. L&P Building Supply serves the southern New Mexico and El Paso, Texas markets. The company provides lumber, building materials, and manufactured components such as trusses and wall panels.
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New weekly high as price holds above short-term averages
Price has pushed through the prior weekly high at $64.94 to set a new high for the week. Shares of Builders FirstSource are displaying a split daily structure, sitting below the MA-200 but above both the MA-20 and MA-50. RSI at 67.5 is approaching overbought territory, indicating the recent advance is starting to look stretched.
Upside bias holds as traders watch $80.21 breakout versus $64.94 reversal
To gauge whether the move will be sustained, traders should watch for a close above $80.21 or a drop back below $64.94. Shares recently moved past the weekly high at $64.94 and are marking a new high for this week. Even so, the probability for further upside over the next five trading days stands at 55%, while downside risk is 45%, with an expected range between $63.28 and $72.35. A close above $80.21 would point to buyers stepping in, while a reversal below $64.94 would suggest the move is being faded. On the weekly chart, the longer-term outlook remains negative.
Earlier, analysts noted that Builders FirstSource was demonstrating short-term technical strength despite lingering bearish pressure in the longer term. The recent acquisition of L&P Building Supply adds a strategic growth angle, and with price momentum driving new weekly highs, traders should monitor for a sustained move above $80.21 as a potential inflection point.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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