Evercore ISI analyst Stephen Kim raised the firm’s price target on Installed Building Products (IBP) to $282 from $274 and keeps an Outperform rating on the shares. A “sullen, brooding sentiment had descended on the housing stocks over the past few months,” but the firm rebuts industry concerns and raised FY25 margin estimates and target prices for the builders under its coverage to reflect lower buyer agent commissions. Evercore also raised estimates for TopBuild (BLD), Owens Corning (OC) and Installed to reflect the near-term benefit from a successful summer fiberglass price increase, the analyst added.
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