Truist lowered the firm’s price target on Trex Company (TREX) to $50 from $75 and keeps a Buy rating on the shares. The company reported results and guidance below expectations, with sell-through up low single digits vs. mid-single-digit consensus, which has led to lower production forecast for Q4 to prevent channel inventory build causing severely depressed margins, the analyst tells investors in a research note. The stock will take a substantial hit after a weak year already though the potential for M&A around Trex is now growing, the firm added.
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