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Trex Company upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Ketan Mamtora upgraded Trex Company (TREX) to Outperform from Market Perform with an unchanged price target of $72. The recent pullback in the stock offers a “very attractive entry point,” the analyst tells investors in a research note. The firm says Trex has a market leading position in composite decking with a multi-year material conversion opportunity from wood. The company’s balance sheet is “pristine” and it is nearing completion of its large capex program, adds BMO. It believes this should provide share repurchase opportunity and finds the stock’s valuation as “very attractive.”

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