Evercore ISI analyst Stephen Kim downgraded TopBuild to In Line from Outperform with a price target of $381, down from $443. Slower single family starts, a “sharp drop” in multi-family completions and a likely reversal of the Department of Housing and Urban Development’s energy code mandate will all weigh on the insulation installers next year, the analyst tells investors in a research note. With valuations towards the high end of their historical ranges, Evercore downgrade both TopBuild (BLD) and Installed Building Products (IBP) to In Line from Outperform.
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