In a note released Monday morning, Imperial Capital downgraded shares of Quanex Building Products Corporation NX from Outperform to In-line and lowered the price target from $21 to $20.
The firm wrote, "Although NX should benefit from increased window shipment demand and accretive corporate action over the next few years, we think it could take a few quarters for earnings momentum to build."
As reasons for the slow earnings build, the firm pointed to a handful of economic indicators related to the housing industry, such as the year-over-year decline in housing starts. However, the firm did note activity should increase as the U.S. economy continues to strengthen.
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