Benchmark Turns Bullish On Trex, Sees Sharp Upside

• Benchmark analyst Reuben Garner upgraded Trex Company Inc (NYSE:TREX) to Buy from Hold with a price target of $108, implying an upside of 23.3%.
• The analyst notes shares have declined about 40% over the last two months as rising rates hit both companies with high multiples and those "linked" to housing. Still, he doesn't believe rising rates fundamentally have a material impact on Trex and sees no change in his earnings outlook over the last two months.
• He argues that the stock's multiples have "essentially retraced to pre-COVID levels" while the long-term opportunities are "not only intact but perhaps stronger than ever."
• Price Action: TREX shares are trading higher by 2.71% at $87.60 on the last check Monday.