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JPMorgan Starts Armstrong World Industries At Neutral, But Decreases Price Target

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JPMorgan Starts Armstrong World Industries At Neutral, But Decreases Price Target

JPMorgan's Jason Marcus initiated Armstrong World Industries Inc (NYSE: AWI) at Neutral and changed the company's price target from $50.00 to $45.00. The price change came in response to the company's spinoff of Armstrong Flooring Inc (NYSE: AFI) as of three months ago.

Marcus noted that although he viewed the spinoff "positively," Armstrong World Industries' "international markets should remain challenged this year." Additionally, the analyst pointed to a "favorable ceilings industry structure" resulting in "positive pricing [...] and margin expansion" in the future.

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However, on a North American basis, the Morgan Stanley analyst noted that "construction industry indicators have been mixed over the last six months," which could threaten volume growth beyond 2016.

As a result of the mixed analysis, Morgan Stanley estimates a FY16 EPS of $0.32.

Latest Ratings for AWI

DateFirmActionFromTo
Nov 2020Goldman SachsDowngradesBuyNeutral
Oct 2020Credit SuisseMaintainsNeutral
Oct 2020B of A SecuritiesDowngradesBuyNeutral

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