UPDATE: Imperial Capital Initiates Quanex Building Products at In-Line on Favorable Outlook - Quanex Building Prods (NYSE:NX)

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Imperial Capital initiated coverage on Quanex Building Products (NYSE: NX) with an In-Line rating and a $21 price target. Imperial Capital noted, "Residential construction market appears to have bottomed and is in the early stages of a growth phase. Quanex's revenues and earnings are closely tied to the residential remodeling (70%) and new home construction (30%) markets, which seem to be in the early stages of a recovery. While it is difficult to predict the timing and magnitude of a full rebound in residential construction, we believe the trough activity has already occurred and we expect moderate growth from current levels over the next few years."Quanex Building Products closed at $21.02 on Wednesday.

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