BMO Capital analyst Ketan Mamtora lowered the firm’s price target on Trex Company to $82 from $88 and keeps a Market Perform rating on the shares. The company’s 2024 started out on a strong footing, but composite decking demand eased as the year progressed, and Trex also expects weaker-than-expected demand to result in inventory destocking at the pro level, the analyst tells investors in a research note. The firm is maintaining its FY25 and FY26 estimates but lowering its target price to $82 on expectation of multiple compression, BMO added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TREX:
- Trex Company price target lowered to $85 from $97 at BofA
- Trex Company price target lowered to $100 from $120 at Truist
- Arm upgraded, Molson Coors downgraded: Wall Street’s top analyst calls
- Trex Company price target lowered to $70 from $88 at Baird
- Trex Company price target lowered to $97 from $107 at B. Riley