Trex Company downgraded to Hold from Buy at Stifel

Stifel downgraded Trex Company (TREX) to Hold from Buy with a price target of $35, down from $61. While the company has reset expectations for all known headwinds, gaining confidence in the updated outlook will take time, the analyst tells investors in a research note. Stifel says it underestimated Trex’s ability to sustain momentum through a weaker home improvement environment.