Azek price target raised to $40 from $32 at Stephens

Stephens analyst Trey Grooms raised the firm’s price target on Azek to $40 from $32 and keeps an Overweight rating on the shares. The company reported “impressive” results that were ahead of expectations and raised its FY23 guidance, the analyst tells investors. The firm is encouraged to see an impressive performance in the residential space as Azek continues to “significantly” outpace market growth, Stephens says. The firm is “increasingly confident” in Azek’s long-term earnings power.