UPDATE: Imperial Capital Initiates Quanex Building Products at Outperform on Multiple Positive Factors

In a report published Wednesday, Imperial Capital analyst Scott Levine initiated coverage on Quanex Building Products NX with an Outperform rating and $20.00 price target.

In the report, Imperial Capital noted, “We are initiating coverage of NX with an Outperform rating and a one-year price target of $20, 22% above the current price. As a leading provider of fenestration products, we believe NX should benefit from 1) a steady recovery in repair & remodeling (R&R) spending, and 2) a turnaround in its aluminum products business (Nichols), which should drive acceleration in earnings over the next year. While we think a discount multiple is appropriate, we still see attractive upside in the stock.”

Quanex Building Products closed on Tuesday at $16.35.