TopBuild upgraded to Outperform from In Line at Evercore ISI

Evercore ISI analyst Stephen Kim upgraded TopBuild to Outperform from In Line with a price target of $368, up from $308. The analyst says Q3 earnings were “generally healthy” across the housing coverage group, with both homebuilders and building product companies exceeding Street estimates. Particularly encouraging was builder commentary regarding October and Q4, which was more upbeat than expected, strengthening the view that the public builders are gaining share from their smaller competitors, the analyst tells investors in a research note. Evercore believes the “strong narrative” around insulation pricing and single-family housing starts continues. As such, it upgraded both Installed Building Products and TopBuild.