American Woodmark price target raised to $79 from $64 at Loop Capital

Loop Capital analyst Garik Shmois raised the firm’s price target on American Woodmark to $79 from $64 and keeps a Hold rating on the shares as part of a broader research note on Cabinets. Sales growth has meaningfully decelerated as the company is comping against peak new residential construction demand from the year ago period, but this has been largely communicated and has been anticipated, the analyst tells investors in a research note. The firm adds that price/cost should remain a tailwind and that the cabinets manufacturers are in a “stabilize-enough” operating environment to deliver better than normal decremental margins on lower sales.