KeyBanc Downgrades Quanex Building Products (NX) to Sector Weight

October 17, 2016 4:49 PM EDT
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Price: $20.05 +0.75%

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KeyBanc downgraded Quanex Building Products (NYSE: NX) from Overweight to Sector Weight.

"Our thesis, "7th Inning Stretch", reflects the Building Products’ maturing sequence of growth, led by slowing: 1) existing homes sales; and 2) new starts; amid steady 3) home price gains of 5-6%. We do not forecast a decline in housing activity in 2017 (R&R up ~5%, starts up ~7%), but think the likelihood of falling estimates makes the sector less attractive prospectively. We downgrade 3 stocks (FBHS, PGEM, NX) to Sector Weight as our forward demand drivers (3 above factors ~80% correlated to 9-month forward demand, Fig 1) point to 1H17 growth, not a call on 3Q16 trends," said analyst Kenneth Zener.

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 $16.90 yesterday.

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