Azek price target raised to $37 from $30 at JPMorgan

JPMorgan raised the firm’s price target on Azek to $37 from $30 and keeps an Overweight rating on the shares post the fiscal Q3 report. From a fundamental perspective, the analyst views the company favorably, citing its “strong leadership position” within the composite decking and rail industry. The firm expects the industry to continue to gain share from wood for “years to come.” Moreover, it believes Azek’s valuation does not fully reflect the company’s fundamental prospects over the next 1-2 years as well as on a longer-term basis.