RBC Capital downgraded Installed Building Products (IBP) to Underperform from Sector Perform with a price target of $197, down from $203. The firm sees weaker margins following Q3’s softer price/mix as well as gross margin headwinds. The analyst also sees post-election risk of a potential rollback of tougher pending energy code enforcement, which could “dampen” Installed Building’s volume and price outlook as well as investor sentiment. It sees an unattractive near-term risk/reward with the stock’s valuation “still elevated.”
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Read More on IBP:
- Installed Building Products Achieves Record Q3 Results
- Installed Building Products reports Q3 EPS $2.85, consensus $3.02
- Is IBP a Buy, Before Earnings?
- Loop Capital sees continued supply constraints in Insulation companies
- Installed Building Products price target raised to $252 from $240 at Jefferies
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