Trex Company price target raised to $110 from $92 at Loop Capital

Loop Capital raised the firm’s price target on Trex Company to $110 from $92 and keeps a Buy rating on the shares after its Q4 earnigns beat and above-consensus outlook. The company introduced better-than-expected FY24 revenue guidance on continued sell through demand strength and elevated first half channel re-stocking, the analyst tells investors in a research note. Trex’s better-than-expected guidance further confirms Loop’s positive view on the company’s attractive FY24 revenue and margin setup, the firm added.