JPMorgan downgraded Installed Building Products (IBP) to Neutral from Overweight with a price target of $242, up from $199. The stock’s valuation fully reflects the firm’s outlook for a stable to constructive macro and housing backdrop this year, as well as the company’s recent solid execution, the analyst tells investors in a research note. The firm further notes that Installed Building Products’ valuation, currently trading at 14-times and 13-times its expected 2024 and 2025 EBITDA compares to 12-times and 11.5-times expected 2024 and 2025 EBITDA at TopBuild (BLD).
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Read More on IBP:
- Installed Building Products price target raised to $216 from $188 at RBC Capital
- Installed Building Products price target raised to $250 from $205 at Loop Capital
- Installed Building price target raised to $260 from $170 at Seaport Research
- Installed Building Products price target raised to $235 from $200 at Truist
- Installed Building Products Announces Dividend and Refinancing Talks
