Trex Company price target raised to $52 from $50 at Loop Capital

Loop Capital analyst Jeffrey Stevenson raised the firm’s price target on Trex Company to $52 from $50 but keeps a Hold rating on the shares as part of a broader research note on Building Products. The firm’s quarterly composite decking survey reported a number of improving industry dynamics being offset by a slowing demand environment, the analyst tells investors in a research note, stating that while channel destocking was completed at the end of the December quarter, 2023 sales expectations also declined for the majority of respondents compared with 90 days ago. The worst is likely behind for decking names after a challenging 2022 however, even though half of the contacts in the survey do not have backlogs beyond Q1, Loop Capital added.