Deutsche Bank analyst Joe Ahlersmeyer lowered the firm’s price target on Armstrong World to $99 from $113 and keeps a Buy rating on the shares. The analyst now has increased conviction in his view that residential new construction can "remain surprisingly resilient" in 2023. He urges investors to "drop past rules of thumb" around starts, and derive forecasts for building product volumes from completions instead. With interest rate risk "now seeming to drift favorably," Ahlersmeyer is "far more constructive" on stocks with new construction exposure.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on AWI:
- Armstrong World downgraded to Hold from Buy at Loop Capital
- Armstrong World downgraded to Hold from Buy at Zelman
- Armstrong World downgraded to Hold at Jefferies on worry of muted recovery
- Armstrong World downgraded to Hold from Buy at Jefferies
- Armstrong World Industries and Spacekit Partner to Offer Modular, Acoustical Wall Art on KanopibyArmstrong.com