Masonite downgraded to Neutral from Outperform at Baird

Baird downgraded Masonite (DOOR) to Neutral from Outperform with a price target of $92, down from $106, after yesterday’s announcement of a deal to acquire PGT Innovations (PGTI). The deal “changes our prior investment thesis” as the firm thinks a heightened risk profile will require digestion and time, the analyst tells investors. PGT is “a good asset,” but the firm is “not fully convinced it needs to be combined” with Masonite under one roof and thinks the deal keeps shares range-bound in the near term.