Trex Company price target lowered to $85 from $110 at Stifel

Stifel lowered the firm’s price target on Trex Company to $85 from $110 and keeps a Buy rating on the shares after the company reported Q2 revenue below expectations, guided to Q3 sales well short of Street estimates and cut full year guidance on weaker entry and mid-level product sales in addition to general economic uncertainty. While noting that this view marks “a meaningful deceleration from earlier this year,” the firm would expect to see a rebound in sales in 2025 based on new product introductions, shelf space gains and likely some level of restocking, the analyst tells investors.