Trex Company price target raised to $87 from $81 at B. Riley

B. Riley raised the firm’s price target on Trex Company to $87 from $81 and keeps a Buy rating on the shares post the investor day. The company discussed its large addressable market for outdoor living products and share gain strategies, the advantages of strong channel partners and relationships, the strength of its brand, and ESG emphasis, the analyst tells investors in a research note. The firm says Trex has a number of organic growth opportunities within decking, railing, and adjacencies within a $13.7B addressable market in North America. It raised 2024 estimates and the price target.