Trex Company price target lowered to $63 from $72 at Citi

Citi analyst Anthony Pettinari lowered the firm’s price target on Trex Company to $63 from $72 and keeps a Neutral rating on the shares. The analyst reduced Q3 construction materials estimates on higher diesel costs, partially offset by strong pricing. For light building products, the firm expects solid Q3 results but potentially more cautious forward commentary. Looking to 2024, Citi favors construction materials producers over remove and replace-exposed producers. The firm moved CRH to its top pick in building products into the Q3 reports.