Evercore ISI lowered the firm’s price target on Installed Building Products to $150 from $160 and keeps an In Line rating on the shares ahead of Q3 season for homebuilders and housing related companies. Q3 earnings season is “likely to be a downbeat affair,” says the analyst in the group preview. The firm has tempered its outlook for housing starts and resales, and modestly lowered earnings estimates and target prices, to reflect a higher-than-expected rate environment over the next six months, the analyst tells investors.
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Read More on IBP:
- Installed Building Products price target lowered to $140 from $166 at Jefferies
- Installed Building Products announces retirement of COO Jay Elliott
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- Installed Building Products management to meet virtually with Seaport Research
