AZEK's Strength In Residential Business To Outpace Market Growth Amid Recycling Initiatives, Analyst Says
Portfolio Pulse from Nabaparna Bhattacharya
Stephens analyst Noah Merkousko reiterated an Overweight rating on The AZEK Company Inc. (AZEK) and raised the price target to $40 from $32. This follows AZEK's Q3 results, which exceeded estimates, and the company's raised fiscal year 2023 adjusted EBITDA outlook. The company's residential business has shown impressive performance, significantly outpacing market growth. Merkousko also raised Q4 and FY23 net sales guidance for AZEK.
August 09, 2023 | 6:57 pm
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POSITIVE IMPACT
AZEK's Q3 results exceeded estimates and the company raised its FY23 EBITDA outlook. The company's residential business is outpacing market growth. The price target for AZEK has been raised to $40.
The positive rating and raised price target by the analyst, along with the company's strong Q3 results and raised FY23 EBITDA outlook, are likely to boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100