Masco price target raised to $77.50 from $69 at JPMorgan

JPMorgan raised the firm’s price target on Masco to $77.50 from $69 but keeps a Neutral rating on the shares. The company’s 2024 guidance featured sales that were roughly flat and operating margins of 17.0% vs. 16.8% in 2023, the analyst tells investors in a research note, adding that the outlook is based on a North American repair/ remodel market that is expected to be flat to down low single-digits and international markets which are expected to decline low to mid single-digits, against which the company expects to slightly outperform. The company’s below average exposure to U.S. new residential construction should allow for a lower level of cyclicality and vulnerability to new housing volatility, though this is partially offset by Masco’s still solid exposure to a currently more moderate repair/remodel backdrop and softness in Europe, the firm added.