Installed Building Products price target lowered to $215 from $230 at Loop Capital

Loop Capital analyst Jeffrey Stevenson lowered the firm’s price target on Installed Building Products (IBP) to $215 from $230 and keeps a Buy rating on the shares. The company continued the trend this earnings season of reporting a modest earnings beat with a more conservative residential outlook than prior expectations, the analyst tells investors in a research note. The beat was driven by better-than-expected gross margin however as the sales mix impact from higher production builder and complementary products sales has not been as significant as previously anticipated, the firm adds.