Trex Company price target lowered to $60 from $65 at DA Davidson

DA Davidson lowered the firm’s price target on Trex Company (TREX) to $60 from $65 and keeps a Neutral rating on the shares. The firm is updating its model as its Q3 decking contractor survey balances modest softening in reported growth in the quarter against some slight improvement in other leading indicators, the analyst tells investors in a research note. DA Davidson adds that the firm remains wary of the consistent downward trend in core decking project growth.