Keybanc Rates QXO buy, $28 Price Target

Keybanc maintains its buy rating for QXO, Inc. with a $28 price target, a 62.04% upside from the current price.

By EarningsIQ Research Desk · Published Jul 1, 2026, 9:01 AM EDT · Updated Jul 1, 2026, 3:01 PM EDT

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Keybanc rated QXO, Inc. ($QXO) "buy" with a $28 price target on July 1, 2026.

Since the rating, $QXO is down 11.4% after 1 week, down 19.6% after 1 month and down 34.3% to date (from the $16.54 close on Jul 1, 2026).

QXO QXO, Inc.

$10.86 -44.93% year to date

Daily close · Oct 16, 2026

Key Points

Keybanc reiterated a buy rating for QXO, Inc. with a price target of $28 on July 1, 2026.
Keybanc's $28 price target implies 62.04% upside from QXO, Inc.'s ($QXO) current $17.28 share price.
Shares of NYSE:QXO traded at $17.82 on Wednesday, with a market cap of about $12.53 billion and a forward P/E of 22.6.
Morgan Stanley increased its QXO holdings by 7.5 million shares, while Orbis Allan Gray reduced its stake by 11.5 million shares.

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On July 1, 2026, Keybanc reiterated its buy rating on QXO, Inc. (NYSE:QXO), maintaining a price target of $28. Analyst Jeffrey D. Hammond continues to see potential in the company's performance.

Analyst rating track record

Keybanc vs. the S&P 500

YTD return +48.66% hypothetical

All-time return +76.18% S&P 500 +32.09%

vs. S&P 500 +44.09% ahead of the index

Hypothetical returns from Keybanc's disclosed trades, not real profit or advice. How we model this.

Other Institutional Activity in QXO, Inc.

Morgan Stanley increased its holdings in QXO by 7,504,983 shares, bringing its total to 74,634,716 shares valued at about $1.45 billion. Orbis Allan Gray reduced its stake by 11,533,149 shares, now holding 73,951,325 shares worth approximately $1.44 billion. Invesco Ltd. added 3,910,464 shares, totaling 38,132,654 shares valued at $740.5 million. Affinity Partners GP LP made no changes, maintaining its 32,686,065 shares valued at $634.8 million. Vanguard Capital Management LLC opened a new position with 28,240,850 shares, valued at $548.4 million.

QXO, Inc. Stock Up 67.3%

Shares of NYSE:QXO traded near $17.82 on Wednesday. QXO, Inc. has a market cap of approximately $12.53 billion and a forward P/E ratio of 22.6. The stock's 52-week range is between $14.75 and $27.61, with a 50-day moving average of $18.08 and a 200-day moving average of $20.20. The company's beta is 2.204, indicating higher volatility compared to the market.

12-month forecast

$QXO price target

QXO, Inc. daily closes and this analyst's $28 target. Not advice.

Recent Earnings

QXO, Inc. reported revenue of $8.56 billion, showcasing a robust growth rate of 127.2%. However, the company is not currently profitable, with a net margin of -6.0% and a return on equity of -6.8%. The next earnings report is anticipated on August 13, 2026.

Insider Buying and Selling at QXO, Inc.

Several insiders were active on May 5, 2026. Harik Mario purchased 12,111 shares, while Aiken Jason sold 12,111 shares. Mary Kissel bought 9,274 shares, and Allison Landry also acquired 9,274 shares.

Analysts Set New Price Targets

On July 1, 2026, Keybanc maintained its buy rating for QXO with a $28 price target. Citigroup and Stephens & Co. also maintained buy ratings in May, with targets of $28 and $26, respectively. The consensus among 12 analysts is a strong buy, with an average price target of $31.5.

About QXO, Inc.

QXO, Inc. is an industrial distribution company based in Greenwich, Connecticut. It provides a range of roofing, waterproofing, and building products to professional contractors and builders across the United States and Canada. The company is led by CEO Bradley S. Jacobs and employs approximately 7,794 people.

Bottom Line

Keybanc's reiteration of its buy rating for QXO, Inc. signals confidence in the company's potential. Investors watch these ratings closely, though it's important to remember that analyst opinions are forward-looking and subject to change. With its next earnings report coming in August, QXO's financial performance will be closely monitored.