UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on PGT Following Housing Market Gains

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on

, and raised the price target from $3.50 to $9.00. In the report, Deutsche Bank noted, “A rebounding Florida housing market bodes well for PGT. Over the course of the downturn PGT shrunk its footprint, retreated to Florida and focused on expanding its core impact resistant window product line. PGT's last two quarterly results featured significant growth, coinciding with a rebound in the Florida housing market (>85% of sales). While the repair & remodel segment has begun to increase, new home construction in Florida should be a major driver in PGT's growth going forward. In our view, the housing market overall (and in Florida) should continue to show robust gains, which should drive solid results for PGT going forward; maintain Buy rating.” PGT closed on Thursday at $8.47.