SunTrust analyst Keith Hughes lowered his price target on Trex Company to $63 and kept his Hold rating after its Q1 earnings miss and below consensus Q2 guidance, saying the weakness in the quarter was driven by the new product line launch delay and production challenges at the company's Nevada facility. The analyst warns that the impact of these issues could persist through 2019 while also pointing to the "exceptionally" high valuation on Trex shares going into the Q1 announcement, even though he sees the company's "long-term" investment story remaining intact.