Jeld-Wen downgraded to Underperform at Wolfe Research on developing pressures

Wolfe Research analyst Truman Patterson downgraded Jeld-Wen to Underperform from Peer Perform with a $7 price target. The stock is up 11% over the past two weeks, noted Patterson, who believes there are "some significant, developing pressures that will continue driving equity underperformance." He cites volume headwinds from the company’s elevated exposure to Europe and U.S. new residential activity and believes his "Street-low" FY23 estimates could have downside risk, Patterson added.