Azek price target raised to $50 from $40 at Stephens

Stephens analyst Trey Grooms raised the firm’s price target on Azek to $50 from $40 and keeps an Overweight rating on the shares. The company reported a “strong” quarter with both sales growth and margins ahead of estimates, the analyst tells investors. Further, FY24 guidance was raised, reflecting Q1 outperformance, strong demand expected in Q2, and little-to-no change for the first half of the year, Stephens adds. If double-digit sell-through growth persists through the year, there could be upside, the firm concludes.