Masco initiated with a Neutral at Citi

Citi initiated coverage of Masco with a Neutral rating and $70 price target. The analyst likes Masco’s leading market positions in plumbing and paint and exposure to “potentially troughing” existing home sales, but is cautious on the overall ‘2024 repair and replace demand setup. The firm models fiscal 2024 sales flattish year-over-year with softer volume growth and muted pricing, given challenges to consumer purchasing power. It sees a a balanced risk/reward on the shares.