Loop Capital analyst Garik Shmois downgraded Armstrong World to Hold from Buy with a price target of $75, down from $98. The analyst is citing softening nonresidential construction datapoints and few company-specific catalysts limiting upside in the stock. While he has been "incrementally more constructive" on housing focused names, Armstrong World has more non-residential exposure, and investor concerns of a nonresidential construction pullback following the recent housing slowdown is likely to continue to weigh on sentiment, Shmois tells investors in a research note.
Published first on TheFly
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