TD Securities analyst Sean Steuart upgraded Louisiana-Pacific to Buy from Hold with an unchanged price target of $78.. The analyst cites the “sharp valuation correction” since the company’s tempered second half of 2023 siding guidance for the upgrade. The near-term weakness for Louisiana-Pacific’s siding results is fully reflected in the stock’s valuation, the analyst tells investors in a research note. The firm expects excess inventory through siding distribution channels will clear in the second half of the year.
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