Loop Capital raised the firm’s price target on Armstrong World to $123 from $98 and keeps a Hold rating on the shares. The company’s Q4 earnings beat was driven by stronger-than-expected Mineral Fiber volumes as the macro environment was more stable than anticipated, growth initiatives that continued to drive outperformance vs. the industry, and retail sales that held up much better than feared, the analyst tells investors in a research note.
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Read More on AWI:
- Armstrong World Q4 and Full Year 2023 Financial Results Webcast
- Armstrong World sees FY24 adjusted EPS $5.60-$5.90, consensus $5.61
- Armstrong World reports Q4 adjusted EPS $1.22, consensus $1.04
- Armstrong World Declares Quarterly Dividend, Signals Financial Health
- Armstrong World price target raised to $110 from $88 at BofA
