Azek price target raised to $58 from $48 at JPMorgan

JPMorgan raised the firm’s price target on Azek (AZEK) to $58 from $48 and keeps an Overweight rating on the shares following the fiscal Q4 report. The company’s Q1 sales growth guide of up 10%-12% appears conservative, as it excludes $5M of potential upside from a recent distribution expansion, the analyst tells investors in a research note. Th efirm views Azek favorably, citing its strong leadership position within the composite decking and rail industry. It believes the stock’s valuation does not fully reflect the company’s recent stronger growth in the composite decking market as well as fundamental prospects over the next two years.