Installed Building Products price target raised to $205 from $135 at Loop Capital

Loop Capital raised the firm’s price target on Installed Building Products to $205 from $135 and keeps a Buy rating on the shares. The firm expects improved single-family new construction outlook as mortgage rates have come off-peak levels and with homebuilder optimism increasing in conjunction with the potential for the Federal Reserve to enact multiple interest rate cuts, the analyst tells investors in a research note. Loop Capital adds that it is now modeling mid-to-high single digit growth in new single-family construction starts in 2024 led by production builders who’ve recently reported strong double-digit new order growth.