Azek initiated with a Buy at Benchmark amid secular boom in outdoor living

As previously reported, Benchmark initiated coverage of Azek with a Buy rating and $55 price target. A series of acquisitions and divestitures over the past few years have “transformed the company into the most expansive producer of outdoor living products,” says the firm, which believes the focus on becoming the largest player in the space has come “at the perfect time” as it believes Azek is primed to take advantage of a secular boom in outdoor living.