Tecnoglass (TGLS) PT Raised to $50 at Stifel

Stifel analyst Stanley Elliott raised the price target on Tecnoglass (NASDAQ: TGLS) to $50.00 (from $45.00) while maintaining a Hold rating.

The analyst commented: "TGLS’s revenues were slightly ahead of expectations but adjusted EBITDA below. In-line revenues reflected slightly better-than-expected multi-family/commercial offset by slower single-family activity. TGLS noted that 2Q24 revenues are likely in the $210-225M range (consensus $229M) due to continued single-family softness, but orders have improved meaningfully beginning in March. TGLS reduced its full-year guidance for revenue and adjusted EBITDA with base case assuming sales will now increase +MSD y/y vs. ~10% previously. TGLS is baking in an acceleration in 2H24 with the new vinyl window ($20M estimated). Improvement in its legacy single-family aluminum products is relying on multiple rate cuts. We came away encouraged by the business cadence post-February and note that the FX comps will ease in 2H24."

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