UFP Industries shares rise after Wedbush upgrades to "outperform"

UFP Industries

08/10/2024 14:24

** Shares of UFP Industries  UFPI.O  rise 2.5% at $132
premarket on Wedbush upgrade
    ** Brokerage upgrades UFPI to "outperform" from "neutral" 
    ** Also raises UFPI target price to $155 from $120,
representing a 19% upside to stock's last close
    ** Says two of company's three core segments, UFP
Construction (construction) and UFP Retail (retail) can post
mid-single-digit revenue growth in FY25  
    ** Adds Packaging should grow in line with U.S. gross
domestic product (GDP), which is expected to grow 1.8% in 2025
and 2.0% in 2026
    ** "We believe that the other two segments have the
potential for revenue and EPS growth above packaging because of
a potential positive inflection in lumber prices" - Wedbush
    ** Three of five brokerages rate the stock "buy" or higher,
two "hold"; their median PT is $153 - LSEG data
    ** Up to last close, stock up 3% YTD

 (Reporting by Anshuman Tripathy in Bengaluru)
 ((Anshuman.Tripathy@thomsonreuters.com;))