PGT Innovations downgraded to Hold from Buy at Truist

Truist downgraded PGT Innovations (PGTI) to Hold from Buy with a price target of $43, up from $38, as the firm believes the stock is nearing the ultimate takeout price at which the company will be bought. Miter currently has a $41.50 cash offer while Masonite’s (DOOR) recent bid is currently valued at $39.80, notes the analyst, who adds that PGT’s comments recently “seem to be pointed to getting a higher price from Miter to close a deal.”