Installed Building Products price target raised to $270 from $250 at Loop Capital

Loop Capital raised the firm’s price target on Installed Building Products to $270 from $250 and keeps a Buy rating on the shares. The company reported a solid Q1 earnings beat, benefiting from an improving single-family demand environment, the analyst tells investors in a research note, stating that Installed Building Products reported positive single-family organic sales growth for the first time since Q4 of FY22 due to an inflection in production builder demand since the start of the year. The company’s gross margin also remained elevated during the quarter, benefiting from its successful value over volume strategy and positive multi-family mix benefit, Loop added.