Exane BNP Paribas Downgrades Trex To Underperform

Trex Company Inc TREX has been downgraded to Underperform from Neutral, with a price target of $81 (an upside of 16%) by Exane BNP Paribas analyst Yves Bromehead.
Meanwhile, William Blair analyst Ryan Merkel remains a buyer of TREX shares following his meeting with the company's management.
Merkel lists several factors, including healthy demand, full contractor backlogs, the muted impact of higher oil prices on recycled plastic prices, share buybacks, and intact 2022 Street estimates.
The analyst thinks putting Trex in the "COVID winner" box is misplaced.
Trex is a manufacturer of wooden alternative-decking products. The company offers outdoor products in the decking, railing, porch, fencing, trim, steel deck framing, and outdoor lighting categories.
Price Action: TREX shares are trading higher by 1.51% at $70.00 on the last check Monday.

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