UPDATE: UBS Starts JELD-WEN (JELD) at Buy
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UBS analyst John Lovallo initiates coverage on JELD-WEN (NYSE: JELD) with a Buy rating and a price target of $39.00.
The analyst comments "We initiate JELD shares at Buy. Three key reasons to Buy: 1) We expect JELD to achieve its 6-8% targeted revenue CAGR through 2025, with only slightly above market volume growth and a modest uptick in pricing relative to what it has achieved since 2014. UBSe is +4% above cons. rev in 2023; 2) JELD's 2025 adj. EBITDA margin goal of 15-17% is attainable via historical levels of op. leverage, pricing and cost savings from its JEM lean initiative. UBSe is +16% above cons. adj. EBITDA in 2023. 3) JELD will generate close to 100% free cash flow conversion through 2025 (highest FCF yield in the group at 14%), which it can re-allocate towards buybacks or accretive M&A. UBSe is +35% above cons. EPS in 2023."
Shares of JELD-WEN closed at $24.74 yesterday.
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