Azek price target lowered to $23 from $27 at Barclays

Barclays analyst Matthew Bouley lowered the firm’s price target on Azek (AZEK) to $23 from $27 and keeps an Overweight rating on the shares. The analyst views composite decking as a "compelling growth category that is experiencing a perfect storm." Many investors will choose to "await the trough," with Q1 guidance only partially "clearing the deck" and potential risks beyond, but Azek is already priced for recession and is trading at an unwarranted discount to Trex Company (TREX), Bouley tells investors in a research note.