Azek upgraded to Buy at Loop Capital on improving decking sentiment

Loop Capital analyst Jeffrey Stevenson upgraded Azek to Buy from Hold with a price target of $33, up from $27. The outlook for composite decking has improved since the start of the year now that the challenging period of channel destocking is behind it, the analyst tells investors in a research note. Loop Capital further notes that the online search activity, which is a leading indicator of composite decking demand, has also seen a sizable uptick since the beginning of April and is tracking above pre-pandemic levels.