Armstrong World initiated with an Overweight at JPMorgan

JPMorgan analyst Tomohiko Sano initiated coverage of Armstrong World (AWI) with an Overweight rating and $200 price target Armstrong is a market leader in non-commodity ceiling systems in the U.S., with a strong foothold in institutional end markets like education, healthcare and offices, the analyst tells investors in a research note. The firm says the company’s Mineral Fiber unit offers scale, pricing power, and recurring demand anchored in the renovation cycle. Armstrong’s Architectural Specialties expands the addressable market with high-design, custom installations across public and commercial spaces, adds JPMorgan.