UFP Industries acquiring another 3%-4% of market share, says DA Davidson

DA Davidson analyst Kurt Yinger keeps a Buy rating and $110 price target on UFP Industries (UFPI) while noting that the acquisition of the operating assets of MoistureShield decking from Oldcastle APG should effectively double the company’s wood-plastic decking capacity, extending the runway for the Deckorators WPC business, in addition to existing expansions of Surestone capacity. UFP Industries will be acquiring somewhere in the vicinity of about $60M of wood-plastic composite decking sales served under the MoistureShield brand, or an estimated 3%-4% of industry market share, the analyst tells investors in a research note.