Masco price target raised to $59 from $57 at BofA

BofA analyst Rafe Jadrosich raised the firm’s price target on Masco to $59 from $57 and keeps an Underperform rating on the shares. Masco reported Q2 earnings above the firm’s and Street estimates and raised its full year guidance, but BofA reiterates its Underperform rating given that the company generates 90% of sales from repair and remodel, or R&R, where sell-out trends continue to decline against tough comparisons and the fact that it expects depressed existing home turnover to continue to pressure R&R through the second half of the year.