Imperial Capital Cuts Price Target on Quanex (NX) to $22.50 Following 3Q

September 7, 2016 1:50 PM EDT
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Price: $16.65 +0.91%

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Today's Overall Ratings:
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Imperial Capital maintained an Outperform rating on Quanex Building Products (NYSE: NX), and cut the price target to $22.50 (from $25.00), following a review of the company's 3Q. Revenue exceeded estimates by a $0.5mn, and increased 37.7% year-over-year. Adjusted EBITDA of $33.1mn was also below estimates, with the Street at $34.8mn.

Analyst Scott Levine commented, "We are maintaining our Outperform rating on NX shares, and are lowering our price target to $22.50 from $25. Our price target is 22% above the recent share price. We expect NX to benefit from growing window and cabinet component demand, driven by increased housing construction and repair and remodeling activity, and expect earnings growth to accelerate over the next few years, driven by continued improvement in margins and cash flows, and accretive capital allocation."

For an analyst ratings summary and ratings history on Quanex Building Products click here. For more ratings news on Quanex Building Products click here.

Shares of Quanex Building Products closed at $19.68 yesterday.

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