Installed Building Products price target lowered to $260 from $275 at DA Davidson

DA Davidson analyst Kurt Yinger lowered the firm’s price target on Installed Building Products (IBP) to $260 from $275 and keeps a Buy rating on the shares. The company’s Q3 profitability was a bit below consensus estimates, though strength in same branch sales driven by a balanced contribution of volume and price/mix remains impressive, the analyst tells investors in a research note. Installed Building Products’ price/mix and gross margins continue to trend favorably despite certain cross-currents, highlighting execution against capturing value for service provided, the firm added.