Trex Company price target raised to $73 from $70 at DA Davidson

DA Davidson analyst Kurt Yinger raised the firm’s price target on Trex Company to $73 from $70 but keeps a Neutral rating on the shares. The company’s Q2 results were strong with improved sell-through, a healthy sales beat, and better than expected margins alongside solid execution, the analyst tells investors in a research note. The assumption that channel partners will enter 2024 with inventory levels below that of this year could be conservative as well, the firm adds, noting however that valuation on the stock is “full”.