Imperial Capital Cuts Price Target on Masonite Int'l (DOOR) to $77 Following 2Q Miss
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Imperial Capital maintained an Outperform rating on Masonite International (NYSE: DOOR), and cut the price target to $77.00 (from $80.00), following the company's 2Q earnings report. DOOR reported adjusted 2Q16 EBITDA of $68.5mn, below the Street's $71.8mn estimate. Revenue of
$514mn missed Imperial's estimates by $16mn. Adjusted EPS totaled $1.02, above the consensus of $0.88, though this included a $0.20 tax gain associated with an accounting change related to stock-based compensation.
Analyst Scott Levine commented, "We are maintaining our Outperform rating on DOOR shares, and are lowering our one-year price target to $77 from $80. Our price target is approximately 15% above the recent share price. We think DOOR remains well positioned to benefit from growth in residential demand, given its strong industry position and broad product mix. We expect earnings growth to accelerate going forward, driven by healthy U.S. price and volume trends, and recent portfolio optimization efforts."
Shares of Masonite International closed at $67.18 yesterday.
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