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

DA Davidson raised the firm’s price target on Trex Company (TREX) to $65 from $60 and keeps a Neutral rating on the shares after its Q2 earnings beat. The firm’s higher price target is reflecting its increased confidence in the company attaining full-year sales growth targeted, expanding gross margins, and the nearing of stronger cash generation, the analyst tells investors in a research note. The execution on railing initiatives and momentum with new products is also encouraging, the firm added.

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