Azek price target raised to $49 from $46 at BMO Capital

BMO Capital raised the firm’s price target on Azek (AZEK) to $49 from $46 and keeps a Market Perform rating on the shares as part of a broader research note previewing Q3 in North America Building Materials. The quarter’s results are likely to be lackluster, but this won’t matter much as investor focus has clearly shifted to 2025, the analyst tells investors in a research note. BMO adds however that while it is getting more constructive on the 2025 housing demand backdrop, it also remains on the sidelines with most building product companies as it believes that a lot of the demand recovery is already priced into the stocks. For the company, the firm also notes that improving housing demand should aid its Exteriors portfolio, while its mid/higher-end decking portfolio appears to be holding up better.