Universal Forest Products (UFPI) PT Raised to $95 at Stifel
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Stifel analyst Stanley Elliott raised the price target on Universal Forest Products (NASDAQ: UFPI) to $95.00 (from $75.00) while maintaining a Buy rating.
The analyst commented, "UFPI reported 1Q21 significantly ahead of expectations on both revenue ($1.83 billion vs. Street consensus $1.55 billion) and EPS ($1.67 vs. $0.88 consensus). Results were primarily driven by a strong lumber pricing (pricing +44% y/y), composite decking (Deckorators +64%), recent M&A (+23% y/y), and strong new product sales. While lumber has continued to rise into April, UFPI sees supply and demand coming back into balance by the end of the 3Q21 assuming no significant macro changes. Deckorators added an additional ~30-35% capacity in the 4Q20 and expected to add another ~25-30% capacity in 2022 to further support growth. While lumber prices may moderate slightly in 2H21 based on the futures curve and UFPI commentary, current high lumber prices, a strong housing market, new products, strong composite decking demand and continued M&A all bode well for strong financial performance for the remainder of 2021. We remain Buy rated."
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