Home Depot (HD)

Analyst maintains Buy rating on Home Depot with $450 price target, noting plans for subsidiary SRS Distribution to acquire GMS for $4.3B.

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Barclays, Baird, and Loop Capital have raised their price target on GMS to $110 as the deal with Home Depot gives the building products distributor a chance to revive earnings amid residential and commercial demand pressure

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SRS bid higher than QXO Inc., which was also eying the deal.

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Shares of building materials distributor GMS (NYSE:GMS) jumped 11.7% in the afternoon session after the company announced it had agreed to be acquired by The Home Depot's subsidiary, SRS Distribution. The all-cash deal values the specialty building products distributor at $110.00 per share, for a total enterprise value of approximately $5.5 billion. 

The Home Depot Inc. is acquiring GMS Inc. for $4.3B, expanding its reach in the pro contractor space and adding to its capabilities and service offerings.

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There is an apparent bidding war to buy GMS Inc. Earlier this week, the company reported that it got an unsolicited proposal from QXO, Inc. – a rival building products distributor that went public in January. Home Depot has since entered the ring.