Trex Company price target raised to $53 from $51 at Barclays

Barclays analyst Matthew Bouley raised the firm’s price target on Trex Company to $53 from $51 and keeps an Equal Weight rating on the shares. The analyst thinks Trex’s reiteration of production targets was no surprise to investors, "with some modest relief" on the trajectory of gross margins." The company’s commentary regarding its production to $1B leaves room to either leverage its existing capacity to service higher than expected demand or modestly flex its manufacturing to match demand in a softer sell-through environment, the analyst tells investors in a research note.