BofA analyst Rafe Jadrosich raised the firm’s price target on Armstrong World (AWI) to $170 from $162 and keeps a Buy rating on the shares after having hosted a fireside chat with Armstrong’s CEO Vic Grizzle and CFO Chris Calzaretta at the BofA Industrials, Transportation, & Airlines Key Leaders Conference. The firm, which contends following the conference that Armstrong is well positioned to grow earnings and cash flow even if the macro environment remains challenging, raised its multiple due to higher sector multiples, the analyst noted.
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