JPMorgan analyst Michael Rehaut downgraded Installed Building Products (IBP) to Underweight from Neutral with an unchanged price target of $245. The firm views the stock’s valuation as expensive, saying it creates an unfavorable risk/reward dynamic. Following Installed’s 48% gain in 2025, JPMorgan downgrades the stock on valuation. Despite having modestly lower operating margins and a significantly lower addressable market than TopBuild (BLD), Installed Building trades at four and a half turns higher than TopBuild, the analyst tells investors in a research note.
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