Wedbush Securities Reiterates Outperform, Raises Price Target On Masonite International On Q4:CY14 Review

In a report published Monday, Wedbush Securities analyst Al Kaschalk reiterated an Outperform rating on Masonite International Corp. DOOR, and raised the price target from $65.00 to $68.00. In the report, Wedbush Securities noted, "Reiterate OUTPERFORM as our mid-term pricing thesis remains. We are reaffirming our positive relative stance on shares of Masonite International (DOOR) following Q4 results led by stronger average unit price (AUP) within North America (NA) that was more than offset by lower-than-expected NA volumes and currency. Ex certain period charges, adjusted EBITDA was slightly ahead of our estimate, but EPS was below our estimate on higher minority interest. "With expectations running high ahead of the quarter, management's CY15 outlook calling for modest unit volume growth and a mid-single-digit AUP increase in the wholesale channel versus across the NA channel disappointed the Street. We would use the 10% pullback in the share price as an opportunity to add to current positions as DOOR should benefit from forthcoming price increases in the retail channel and NA door shipment volumes on track to do better than the implied guidance given residential housing turnover trends and completion activity." Masonite International closed on Friday at $61.34.