Azek price target raised to $36 from $32 at BofA

BofA raised the firm’s price target on Azek to $36 from $32 and keeps a Buy rating on the shares after the company reported fiscal Q4 adjusted EBITDA 15% above the firm’s forecast due to stronger residential revenue growth and better margins. Azek’s residential sell-out trends remain strong and the firm sees upside to margin guidance from the flow-through of PVC deflation, higher utilization, and use of more recycled materials, the analyst tells investors.