Goldman Sachs analyst Susan Maklari upgraded Installed Building Products to Buy from Neutral with a price target of $178, up from $146. The analyst estimates single-family starts will grow 8% year-over-year in 2024 and believes Installed Building will leverage its “compelling” value proposition to builders, contributing to the firm’s Street high 2024 EBITDA estimate. Goldman cites normalization in build times, improving price/cost dynamics, the benefit of multi-family volumes, and improved profitability in commercial for the upgrade.
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