Azek downgraded to Neutral from Outperform at Baird

Baird analyst Timothy Wojs downgraded Azek (AZEK) to Neutral from Outperform with a price target of $53, down from $58, after James Hardie (JHX) announced the acquisition of the company for $57 per share. The deal makes sense strategically, the analyst tells investors in a research note. The firm does not see a large likelihood of a competing offer and says near-term stock movements will reflect deal mechanics.