Beta Help

Hi guys

I understand generally the concept and calculations behind Beta and the CAPM, but have some specific questions re: "target capital structure" that you are re-levering to.

1. If the company you are valuing is public, wouldn't you just use its current beta rather than looking at comps?
2. If you are valuing a company for a buyout, then would you re-lever the beta assuming your new, highly levered capital structure or would you use an average capital structure based on peers?

Thanks