Trex slumps as Q3 results miss estimates, brokerages downgrade rating
Shares of decking and railing products maker Trex Company TREX.N plummets 34% to about $31 premarket
Co missed Q3 sales and profit estimates on Tuesday, due to weaker-than-expected demand in repair and remodel segment
TREX posted quarterly adj. profit of 51 cents, below Wall Street estimates of 57 cents, according to data compiled by LSEG
Reports Q3 revenue of $285.35 mln vs analysts' estimates of $300.59 mln
Several brokerages cut PT and rating on co citing margin pressure and reduced earnings visibility
BofA cuts rating to "underperform" from "buy", Deutsche Bank downgrades to "hold" from "buy"
8 of 22 brokerages rate the stock "buy" or higher, 12 "hold" and 2 "sell"; their median PT is $56.50- data compiled by LSEG
Stock down 31.9% YTD, as of last close
Brokerages | New PT | Old PT |
BofA | $36 | $67 |
Jefferies | $39 | $58 |
Truist | $50 | $75 |
Deutsche | $40 | $92 |
Benchmark | $40 | $80 |
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