Installed Building Products price target lowered to $145 from $157 at RBC Capital

RBC Capital lowered the firm’s price target on Installed Building Products (IBP) to $145 from $157 and keeps an Underperform rating on the shares after its Q1 earnings miss. The firm is modeling weakness in single-family, more front-loaded multi-family headwinds following the onset of declines this quarter, and steeper decremental margins through the year following this sharp miss, the analyst tells investors in a research note.