Trex Company price target lowered to $70 from $80 at Truist

Truist lowered the firm’s price target on Trex Company to $70 from $80 and keeps a Buy rating on the shares as part of a broader research note on Building Products. The firm is moving from mid to high-single-digit unit growth to low to mid-single-digit unit increases view for next year as it sees the recent increase in interest rates and little momentum in a renovation pick up in demand will result in a very slow start to 2024, the analyst tells investors in a research note. Truist adds however that it still believes the sector will see growing demand during the year and notes that expectations remain low and beatable.