UFP Industries initiated with a Hold at Stifel

Stifel analyst W. Andrew Carter initiated coverage of UFP Industries (UFPI) with a Hold rating and $95 price target While the firm expresses “a favorable long-term bias” on U.S. home improvement spending and new residential construction, it says the current “home improvement spending malaise” and new residential weakness drive a neutral approach to UFP. The firm believes “a patient approach to UFPI is appropriate,” the analyst tells investors.