Trex Company price target raised to $82 from $73 at Stifel

Stifel analyst Stanley Elliott raised the firm’s price target on Trex Company to $82 from $73 and keeps a Buy rating on the shares. The company’s Q2 revenues and adjusted EBITDA as well as its Q3 revenue guidance were above expectations, the analyst tells investors. Recent survey work suggests channel inventory has normalized and the sequential drop in Q4 revenue may prove to be overly cautious, Stifel adds. Further, Trex continues to see strength in the consumer through the end of the year, holding up into 2024, Stifel says.