Stephens analyst Trey Grooms downgraded Masonite to Equal Weight from Overweight with a price target of $93, down from $130. Q3 results “slightly missed expectations across the board” and management pointed to the mid-point of the sales guidance and the low-end of the adjusted EBITDA guide for calendar 2023, the analyst tells investors. North America Residential continues to see significant volume declines in both the retail and wholesale channels, and demand for the Europe segment is “no better,” with expectations for worsening demand conditions in the near-term, says the analyst, who sees “no catalyst” and increased uncertainty around pricing and demand.
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