Deutsche Bank raised the firm’s price target on Trex Company to $87 from $79 and keeps a Buy rating on the shares. For building products, the firm again sees the year ahead favoring stock selection, and again recommends investors start 2024 with a positive bias toward residential construction exposure and the distributor business model. The analyst reiterates Top Picks TopBuild (BLD), Builders FirstSource (BLDR) and Core & Main (CNM), and adds Beacon (BECN) to Top Picks in recognition of consistent progress on its initiatives and a belief that the roofing category will continue to deliver in 2024.
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Read More on TREX:
- Trex Company price target lowered to $67 from $73 at DA Davidson
- Trex Company price target raised to $72 from $70 at BMO Capital
- Trex Company raises FY23 revenue view to $1.09B from $1.04B-$1.06B
- Trex Company sees Q4 revenue $185M-$195M, consensus $187.5M
- Trex Company reports Q3 EPS 57c, consensus 50c