Installed Building Products price target raised to $150 from $120 at Loop Capital

Loop Capital analyst Jeffrey Stevenson raised the firm’s price target on Installed Building Products to $150 from $120 and keeps a Hold rating on the shares as part of a broader research note on Building Products citing an improved housing outlook and positive survey results. The “air pocket” in demand seen from soft housing starts that begain in the second half of 2022 is expected to last into early first half of 2024, but the recent improvement in single-family housing starts and builder optimism is expected to make the air pocket shallower than previously anticipated, the analyst tells investors in a research note. The firm adds that industry contacts also continue to expect insulation pricing to remain stable through the end of the year despite the recent improvement of industry supply constraints.