Trex Company price target raised to $98 from $94 at DA Davidson

DA Davidson raised the firm’s price target on Trex Company to $98 from $94 and keeps a Neutral rating on the shares. The company reported better than expected top- and bottom-line results in Q1, benefits from a deferred early buy and solid sell-through driving strong sales and utilization while resulting in robust margins, the analyst tells investors in a research note. Trex’s guidance was reiterated but appears increasingly conservative given the implication that sell-through would decelerate over the second half of 2024, the firm added.