UFP Industries price target lowered to $110 from $117 at DA Davidson

DA Davidson lowered the firm’s price target on UFP Industries (UFPI) to $110 from $117 and keeps a Neutral rating on the shares. The company reported a disappointing Q1 result and a prudently cautious full-year outlook, the analyst tells investors in a research note. The firm is encouraged by commentary suggesting a seasonal pickup into April, anticipated Retail gross margin improvements, and significant share repurchase activity, but it’s difficult to envision a meaningful improvement in margins absent an inflection in demand, DA Davidson added.