Boise Cascade price target lowered to $140 from $145 at Loop Capital

Loop Capital lowered the firm’s price target on Boise Cascade (BCC) to $140 from $145 and keeps a Buy rating on the shares. The company reported a modest beat driven by better-than-expected results in its building materials distribution, but this was offset by a muted near-term outlook, the analyst tells investors in a research note. While EWP pricing remained negative on y/y basis in Q4, LVL and I-Joists pricing saw modest sequential improvement during the quarter after several years of declines, Loop added, also noting that despite a more conservative near-term outlook, Boise Cascade continues to be one of the best early cycle opportunities in its coverage due to the company’s elevated single- family concentration.