Kingspan initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Kingspan (KGSPY) with a Neutral rating and EUR 80 price target Kingspan’s earnings drivers are shifting with category expansion across U.S. flat roofing, and relatively high data center exposure, the analyst tells investors in a research note. Goldman Sachs adds however that it sees a less supportive new product cycle within Kingspan’s core Insulated Panel business – estimated at 60% of current profit – as the core Quadcore innovation reaches maturity.