Azek price target lowered to $24 from $25 at Baird

Baird analyst Timothy Wojs lowered the firm’s price target on Azek to $24 from $25 and keeps an Outperform rating on the shares. The analyst said there were no big surprises within Q4 results and the initial 2023 guidance that was below the Street on higher assumed volume declines and decrementals. He said he sees a favorable 12-month risk/reward, especially as destocking normalizes, raw materials turn favorable, and recycling/conversion opportunities remain meaningful.