Armstrong World price target lowered to $80 from $83 at Evercore ISI

Evercore ISI analyst Stephen Kim lowered the firm’s price target on Armstrong World to $80 from $83 and keeps an In Line rating on the shares ahead of Q3 season for homebuilders and housing related companies. Q3 earnings season is “likely to be a downbeat affair,” says the analyst in the group preview. The firm has tempered its outlook for housing starts and resales, and modestly lowered earnings estimates and target prices, to reflect a higher-than-expected rate environment over the next six months, the analyst tells investors.