Baird upgraded American Woodmark to Outperform from Neutral with a price target of $120, up from $105. The analyst believes the company’s share gains can continue, driven by new construction wallet share gains, dealer expansion, and service improvements. Combined with American Woodmark’s higher new construction mix, the firm sees “differentiated growth potential” for the company. It also sees estimate upside in fiscal 2024 and 2025, with the company’s recent deleveraging providing incremental capital deployment optionality.
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