Tecnoglass price target raised to $72 from $69 at B. Riley

B. Riley raised the firm’s price target on Tecnoglass to $72 from $69 and keeps a Neutral rating on the shares. Hurricanes Helene and Milton could increase the demand for Tecnoglass’ residential impact-resistant windows, the analyst tells investors in a research note. While it is still too early to gauge the magnitude of impact from the storms, the firm believes Tecnoglass is positioned to be a meaningful net beneficiary of the recent damage, though B. Riley believes the valuation is fair relative to other recently acquired businesses within the building materials sector. Tecnoglass could fetch a higher valuation in a take-over scenario, this is a less likely outcome of its ongoing strategic review that should be completed by year-end, the firm argues.