Installed Building Products raised to Buy at Benchmark amid ‘overblown’ concerns

As previously reported, Benchmark upgraded Installed Building Products to Buy from Hold with a $150 price target. After having spoken to or heard from a handful of broader housing industry participants in the last week, including a key public insulation supplier just yesterday, the firm says the current situation “reminds us of just a year ago” and thinks any insulation-specific concerns are “overblown.” With the stock off more than 33% in the past two or so months, the firm thinks that as has been seen in each of the previous periods, any soft patch in housing will be temporary, and thinks the impact on Installed “will prove to be smaller than feared,” the analyst added.