In a report published Friday, Imperial Capital initiated coverage on Trex Company TREX with an In-Line rating and $33.00 price target.
Imperial Capital noted, “We are initiating coverage of TREX common stock with an In-Line rating and one-year price target of $33. As a leading supplier of composite decking materials and other related products, we believe Trex is well positioned to benefit from a recovery in the U.S. remodeling construction sector. However, current valuation already reflects these expectations. Trex products benefit from composite decking products gaining market penetration. While Trex's deck products may have a greater upfront costs than traditional wood deck products, improvements in composite technology have increased the longer-term value proposition and helped composite decking continue to gain market penetration.”
Trex Company closed on Thursday at $33.50.
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