Trex Company: Choppy Quarters Ahead But The Trend Is Upbeat, Says Analyst
Portfolio Pulse from Nabaparna Bhattacharya
Truist Securities analyst Keith Hughes has reiterated a Buy rating on Trex Company, Inc. (NYSE:TREX), raising the price target to $80 from $65. The company's Q2 earnings showed stronger-than-expected sales, indicating resilient consumer demand. Despite expecting a weaker 4Q23, the analyst believes that the company and the industry are headed towards growth in 2024. TREX shares are trading higher by 8.6% to $75.10.
August 04, 2023 | 10:01 am
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POSITIVE IMPACT
Trex Company's stock is expected to perform well due to the positive outlook from Truist Securities analyst Keith Hughes. The raised price target and the company's strong Q2 earnings are likely to boost investor confidence.
The analyst's positive outlook and the raised price target indicate a strong performance for Trex Company. The company's Q2 earnings also exceeded expectations, demonstrating resilient consumer demand. These factors are likely to boost investor confidence and drive the stock price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100