Citi initiated coverage of Trex Company with a Neutral rating and $72 price target. The analyst likes the company’s leadership position in composite decking and its long-term wood conversion opportunity. However, Citi expects big ticket remodel and repair discretionary spending to slow in the second half of 2023. With Trex shares up 64% year-to-date, the firm would look for a better entry point.
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- Trex Company price target raised to $74 from $70 at BMO Capital
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