Barclays says US building products and homebuilders face a lackluster season

SiteOne Landscape Supply

09/10/2024 19:20

** Brokerage Barclays predicts subdued Q3 earnings for U.S.
building products and homebuilders due to slowing markets, but
holds a slightly favorable outlook for building products.
    ** Barclays believes recent reduction in interest rates
would only marginally benefit homebuilders
    ** The more recent jump in rates may still leave the market
skeptical and unforgiving around choppy homebuilder earnings
prints — Barclays
    ** Brokerage says preferred overweights for earnings season
are Azek Company  AZEK.N , Fortune Brands Innovations  FBIN.N ,
and Builders First Source  BLDR.N 
    ** Brokerage underweight on Trex Co  TREX.N  and SiteOne
Landscape Supply  SITE.N 
    ** PHLX Housing Index  .HGX  has risen 21.8% YTD

 (Reporting by Khusbu Jena)
 ((Khusbu.Jena@thomsonreuters.com))