Exclusive: Rexel rebuffed an around $9.2 billion offer from QXO, sources say

Written by Emily J. Thompson, Senior Investment Analyst

QXO-0.87%

Source: Reuters

Updated: Sep 15 2024

0mins

Source: Reuters

Acquisition Attempt: QXO, led by billionaire Brad Jacobs, made an all-cash offer of approximately $9.2 billion to acquire French company Rexel.
Rejection of Offer: Rexel has rejected the offer and QXO does not intend to submit a revised bid.

QXO

$23.91+Infinity%1D

Analyst Views on QXO

Wall Street analysts forecast QXO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for QXO is 30.25 USD with a low forecast of 27.00 USD and a high forecast of 35.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

10 Analyst Rating

10 Buy

0 Hold

0 Sell

Strong Buy

Current: 24.120

Low

27.00

Averages

30.25

High

35.00

Current: 24.120

Low

27.00

Averages

30.25

High

35.00

Oppenheimer

Outperform

maintain

$27 -> $30

2026-01-16

Reason

Oppenheimer

Price Target

$27 -> $30

AI Analysis

2026-01-16

maintain

Outperform

Reason

Oppenheimer raised the firm's price target on QXO to $30 from $27 and keeps an Outperform rating on the shares. The firm perceives QXO close to announcing sizable, incremental M&A, which it views as likely a positive catalyst.

RBC Capital

Outperform

NULL

downgrade

$33 -> $30

2026-01-09

Reason

RBC Capital

Price Target

$33 -> $30

2026-01-09

downgrade

Outperform

NULL

Reason

RBC Capital lowered the firm's price target on QXO to $30 from $33 and keeps an Outperform rating on the shares. Goldman remains cautious into early 2026, with housing affordability still challenging and R&R potentially inflecting later in the year, the analyst tells investors in a research note. Nonresidential markets are mixed, key risks include policy changes, rates, and tariffs, and the sector is expected to remain volatile, with homebuilders the most cautious, distribution favored, and building products OEMs offering relatively attractive valuations.

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RBC Capital

Outperform

NULL

downgrade

$33 -> $30

2026-01-09

Reason

RBC Capital

Price Target

$33 -> $30

2026-01-09

downgrade

Outperform

NULL

Reason

RBC Capital lowered the firm's price target on QXO to $30 from $33 and keeps an Outperform rating on the shares. RBC Capital remains cautious into early 2026, with housing affordability still challenging and R&R potentially inflecting later in the year, the analyst tells investors in a research note. Nonresidential markets are mixed, key risks include policy changes, rates, and tariffs, and the sector is expected to remain volatile, with homebuilders the most cautious, distribution favored, and building products OEMs offering relatively attractive valuations.

Citi

Buy

downgrade

$33 -> $31

2026-01-08

Reason

Citi

Price Target

$33 -> $31

2026-01-08

downgrade

Buy

Reason

Citi lowered the firm's price target on QXO to $31 from $33 and keeps a Buy rating on the shares. The firm updated estimates and targets in the homebuilding and building products group as part of its 2026 outlook. Citi continues to prefer heavy construction materials with exposure to infrastructure over the residential exposed names.

About QXO

QXO, Inc. is a distributor of roofing, waterproofing and complementary building products in the United States. It focuses on being a tech-enabled company in the building products distribution industry. The Company specializes in helping contractors, distributors, and suppliers streamline operations. Its technology supports every step of the supply chain, from product availability and inventory management to order tracking and customer service. As a reseller and developer of proprietary software, it tailors its tools to the specific workflows of roofing professionals and distributors. Its product categories include residential, building supplies and materials, siding, waterproofing, and commercial. Its residential product category includes asphalt shingles, metal roofing, roofing accessories, roofing insulation, slate roofing, tile roofing, and wood roofing. Its building supplies and materials product category includes exterior materials, interior materials, and tools and equipment.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.