QXO - Takeaways From Truist Securities Industrials & Services Conference

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QXO - Takeaways From Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 22, 2026

INDUSTRIALS: Distributors QXO, Inc. (QXO)

QXO - Takeaways From Truist Securities Industrials & Services Keith Hughes

404-926-5032 Conference

Keith.Hughes@truist.com

Mia Senyitko QXO stock has struggled substantially since the announcement of the BLD (Hold) deal with

404-439-7395 heavy short interest. While arbitrage players are impacting the shares, we believe the high

Mia.Senyitko@truist.com multiple on BLD has caused a substantial decline in the name. Regardless, a new shift to

a substantial number of bolt on deals (with 1-2 larger ones per year) will, in our view, return

multiple arbitrage to the stock as these are usually bought at single digit multiples. We also

believe that roofing fundamentals could turn in 2H26 which could return some confidence

Stock Rating BUY to the shares. We remain Buy rated for these reasons.

Unchanged

Price Target $26.00 We recently hosted meetings with numerous management teams at our Truist Securities

Unchanged Industrials & Services Conference. Below are comments regarding QXO.

Stock Struggling Since BLD Deal. QXO stock has fallen 32% since deal announcement

while our group has fallen 5% over the same time period with other distributors down 20%+

TR to Target 57.0% and S&P500 up 4%. Arbitrage traders play a role in how the stock has moved but also some

Price (Jun. 17, 2026) $16.56 investors still have questions on the path forward for QXO.

52-Wk Range $27.07-$15.06 Need a Turn in Fundamentals to Get Multiple Back; Keeps Wheel Moving. In our view,

Market Cap ($M) $22,025 QXO needs a turn in performance to get its multiple back which makes deals even more

ADTV 10,239,598 accretive.