UPDATE: Canaccord Raises PT on Headwaters Following Investor Meetings

In a report published Wednesday, Canaccord Genuity analyst John Quealy reiterated his Buy rating on Headwaters

, and slightly raised his price target from $12.00 to $13.00. In the report, Quealy noted, “We expect improving construction market trends to help support P&L momentum. With contribution margins of 40%+, we find HW very well positioned to outperform in a housing/construction market recovery. We recently hosted a series of investor meetings and come away more confident in our F2013 estimates and guidance, as light building share gains (stone), a seamless integration of Kleer and broader R&R demand trends look to increase demand post the Q2 (March) seasonal trough.” Headwaters closed on Tuesday at $10.33.