BofA upgraded Azek to Buy from Neutral with a price target of $31, up from $28. Following a challenging 2022 for decking, the composite decking industry is poised to recover in the second half of 2023, the analyst tells investors in a research note. Channel inventory is lean and current sales are likely tracking ahead of company guidance, the firm says. It believes Azek is well positioned to regain market share.
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