Azek price target lowered to $21 from $25 at Jefferies

Jefferies analyst Philip Ng lowered the firm’s price target on Azek to $21 from $25 and keeps a Buy rating on the shares after the company reported an in-line fiscal Q4 and gave FY23 guidance below his expectations, primarily due to higher-than-anticipated de-stock. With management baking in a 10% decline in sell-through demand the 2023 guidance "seems very achievable" and free cash flow "should be up sharply in 2023," Ng tells investors.