UFP Industries price target raised to $112 from $102 at DA Davidson

DA Davidson raised the firm’s price target on UFP Industries to $112 from $102 and keeps a Buy rating on the shares. The company’s Q1 results comfortably outpaced estimates with organic volume pressures as expected, though the impact from lower lumber prices was less severe than modeled, and margins outperforming expectations, the analyst tells investors in a research note. DA Davidson adds that UFP’s share repurchase activity was encouraging, and its balance sheet remained in a solid net cash position.