QXO, Inc. (NYSE:QXO) is one of the 10 Best Growth Stocks With Highest Upside Potential.
On July 1, 2026, KeyBanc lowered the firm’s price target on QXO, Inc. (NYSE:QXO) to $28 from $32 and kept an Overweight rating on the shares
The firm said the lower target reflects lower market multiples following shareholder approval of the TopBuild acquisition. KeyBanc noted that deal arbitrage and a tough macro environment have pressured QXO shares. While underlying fundamentals remain challenging, the firm sees deal closure and some signs of stability at Beacon as positive catalysts.
KeyBanc said shares could move higher as demand recovers and the benefits from QXO’s tech stack become more apparent. Also on July 1, QXO announced that it closed its previously disclosed acquisition of TopBuild (BLD), significantly expanding its scale and capabilities across the building products value chain. The company also said Alec Covington, TopBuild’s former Chairman, joined QXO’s Board of Directors, replacing Jared Kushner, who resigned to focus on other commitments.