DA Davidson analyst Kurt Yinger initiated coverage of Installed Building Products with a Buy rating and $275 price target. Shares have “enjoyed a strong run over the last year” and year-to-date, but the firm still sees a constructive 2024 operating backdrop in which the company can deliver double-digit top- and bottom-line growth, the analyst tells investors. The valuation in “our view isn’t overly stretched,” the analyst added.
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