Trex Company price target raised to $120 from $70 at Truist

Truist raised the firm’s price target on Trex Company to $120 from $70 and keeps a Buy rating on the shares. The company’s Q1 revenue guidance was well above expectations on channel fill, with mid single digit sell through expected for the remainder of the year, the analyst tells investors in a research note. Trex business is still growing above the broader repair and remodel market, and upside to projections is likely to be seen if consumer spending accelerates, the firm added.