BofA analyst Rafe Jadrosich raised the firm’s price target on Armstrong World to $132 from $110 and keeps a Buy rating on the shares after the company reported Q4 results ahead of the firm’s forecast and management initiated 2024 EBITDA guidance 4% ahead of consensus at the midpoint. The firm, which sees an attractive valuation relative to other building product companies, contends that guidance looks conservative in the second half on revenue and margins.
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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
