Trex Company price target raised to $62 from $57 at Barclays

Barclays analyst Matthew Bouley raised the firm’s price target on Trex Company to $62 from $57 and keeps an Equal Weight rating on the shares. The analyst expects outperformance from homebuilders and residential distributors to continue this earnings season, reflecting positive earnings revisions in an improving new residential construction market. Building products also have earnings upside versus “conservative” guides, but with low visibility to a “true fundamental inflection,” the analyst tells investors in a research note. The firm says upward momentum in the new residential construction end market compares to mixed trends in residential repair-and-remodel.