UFP Industries price target lowered to $108 from $112 at BMO Capital

BMO Capital analyst Ketan Mamtora lowered the firm’s price target on UFP Industries (UFPI) to $108 from $112 and keeps a Market Perform rating on the shares as part of a broader research note previewing Q1 in North American Building Materials names. The firm is citing weaker than expected new residential demand and higher costs, including resin, brass, freight, also noting that expectations for a meaningful rebound in demand are fading while R&R – Repair and Remodel – demand is flattish at depressed levels, though it also sees composite decking outperforming broad R&R.