KeyBanc lowered the firm’s price target on Advanced Drainage (WMS) to $180 from $195 and keeps an Overweight rating on the shares following quarterly results. Given Non-Residential choppiness was well-telegraphed, the firm gets the sense investors took issue with the degree of margin headwinds from pricing. That said, KeyBanc believes this is mostly due to higher input costs, rather than a deterioration of top-line pricing. Looking out, while lowering its price target on the choppier end-market/margin trends, the firm feels the dip in shares provides a buying opportunity into a compelling story supported by material conversion tailwinds with plenty of levers for long-term margin enhancement.
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