Azek price target raised to $30 from $27 at Baird

Baird analyst Timothy Wojs raised the firm’s price target on Azek to $30 from $27 and keeps an Outperform rating on the shares. The analyst said the stock remains one of his favorite ideas for 2023 and noted KPIs appear to be tracking similarly/better than last quarter, including channel destocking complete, relatively ok demand commentary with no change to contractor backlogs, the potential upside to price-cost from lower input costs, and market outgrowth consistent with annualized expectations.