Installed Building downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Installed Building Products to In Line from Outperform with a price target of $206, down from $238. Slower single family starts, a “sharp drop” in multi-family completions and a likely reversal of the Department of Housing and Urban Development’s energy code mandate will all weigh on the insulation installers next year, the analyst tells investors in a research note. With valuations towards the high end of their historical ranges, Evercore downgrade both TopBuild (BLD) and Installed Building Products (IBP) to In Line from Outperform.