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Benzinga
Benzinga
Business
Akanksha Bakshi

Exane BNP Paribas Downgrades Trex To Underperform

TREX Exane BNP Paribas NYSE William Blair
  • Trex Company Inc (NYSE: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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