Trex Company initiated with a Buy at Stifel

Stifel initiated coverage of Trex Company (TREX) with a Buy rating and $61 price target The firm, which has “a favorable long-term bias” on U.S. home improvement spending and new residential construction, believes that Trex’s leading position in the composite decking and railing category offers “idiosyncratic advantages” to allow it to continue outperforming building products peers, the analyst tells investors.