Quanex's Strategic Moves Pay Off: Analyst Raises Price Target Amid Operational Gains
Portfolio Pulse from Nabaparna Bhattacharya
Benchmark analyst Reuben Garner has reiterated a Buy rating on Quanex Building Products Corporation (NYSE:NX) and raised the price target to $33. The company's Q3 results beat estimates with record quarterly margins due to solid operational controls. The strong FCF outlook has led the analyst to predict potential opportunistic buybacks or a dividend increase. However, inflationary pressures and a tepid macro view could lead to a mixed FY24.
September 06, 2023 | 6:41 pm
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Quanex Building Products Corporation's strong Q3 results and FCF outlook have led to a price target increase. However, potential inflationary pressures and a tepid macro view could impact FY24.
The company's strong Q3 results and solid operational controls have led to a positive outlook from the analyst, potentially leading to a stock price increase. However, potential inflationary pressures and a tepid macro view could negatively impact the company's performance in FY24.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100