Trex Company price target raised to $70 from $59 at Jefferies

Jefferies analyst Philip Ng raised the firm’s price target on Trex Company to $70 from $59 and keeps a Hold rating on the shares. The firm’s checks in building products “have been broadly been positive” and it sees estimates moving higher, so it is raising price targets among the group as the firm transitions to 2024. However, in the short-term there could be some volatility due to elevated expectations with the group outperforming, the analyst tells investors in an earnings preview note.