Azek price target raised to $52 from $44 at Stifel

Stifel analyst Stanley Elliott raised the firm’s price target on Azek to $52 from $44 and keeps a Buy rating on the shares after the company reported Q1 sales and earnings that beat expectations and raised its outlook “substantially.” The firm thinks Azek’s 2024 guidance is “highly achievable if not conservative” given low channel inventories, healthy contractor backlogs, and an improving housing environment, the analyst tells investors.