Stephens Reiterates Equal Weight Rating on Trex (TREX)
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Stephens analyst Trey Grooms reiterated an Equal Weight rating and $111.00 price target on Trex (NYSE: TREX) following the company's 1Q earnings report. TREX reported sales and adj. EBITDA above expectations with strong demand for Residential products keeping TREX running at full capacity. TREX has also announced a mid-single digit price increase effective in August in response to higher material and freight costs.
For 2Q21, Stephens is now modeling net sales of $300.5 million (from $284.0 million), adj. EBITDA estimate of $91.7 million (from $87.8 million) and operating EPS estimate of $0.54 (from $0.52).
Shares of Trex closed at $106.10 yesterday.
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