Azek price target lowered to $52 from $58 at Loop Capital

Loop Capital analyst Jeffrey Stevenson lowered the firm’s price target on Azek to $52 from $58 and keeps a Buy rating on the shares as part of a broader research note on Building Products. The firm’s quarterly composite decking survey showed mixed results – respondents reported that composite decking sales increased 6%-7% on average at the contractor level in Q2, but despite the near-term demand strength, 2024 demand expectations saw respondents anticipate growth slowing to 4%-5% in 2024, the analyst tells investors in a research note. The firm is lowering its FY25 forecasts on more conservative revenue growth expectations, Loop added.