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BMO Capital lowered the firm's price target on Fortune Brands Innovations to $70 from $82 but keeps an Outperform rating on the shares after its Q4 earnings miss and below-consensus guidance. The company's second half of 2023 will be pressured by weak housing demand and near-term inventory destocking, though its Water Innovations and Decking segments offer a "nice medium-term growth and margin expansion opportunity" and its balance sheet is healthy, the analyst tells investors in a research note.

Loop Capital analyst Jeffrey Stevenson raised the firm's price target on Trex Company to $55 from $52 but keeps a Hold rating on the shares. The company's Q4 results produced a "modest" beat against reduced expectations, with the management also having announced that channel destocking concluded by the end of the quarter, the analyst tells investors in a research note. The firm added that while dealers and distributors are hesitant to meaningfully build inventories ahead of the Spring selling season due to increased manufacturer capacity and macroeconomic uncertainties, leading demand indicators for Trex remain at or above last year's levels.

B. Riley analyst Alex Rygiel lowered the firm's price target on Trex Company to $62 from $65 and keeps a Buy rating on the shares. The company's Q4 results were modestly ahead of estimates on steady demand and with inventory in the Pro channel now recalibrated to more appropriate levels, 2023 financials will be more indicative of true demand, the analyst tells investors in a research note. The firm believes Trex's leadership has a track record of success and, despite some demand uncertainty, thinks the company is well positioned to be a winner when the market turns more favorable.

Baird analyst Timothy Wojs raised the firm's price target on Trex Company to $58 from $52 and keeps a Neutral rating on the shares. The analyst said Q4 results were slightly above expectations, while 2023 assumptions are little changed and market commentary also was consistent with peers/expectations.

Barclays analyst Matthew Bouley raised the firm's price target on Trex Company to $53 from $51 and keeps an Equal Weight rating on the shares. The analyst thinks Trex's reiteration of production targets was no surprise to investors, "with some modest relief" on the trajectory of gross margins." The company's commentary regarding its production to $1B leaves room to either leverage its existing capacity to service higher than expected demand or modestly flex its manufacturing to match demand in a softer sell-through environment, the analyst tells investors in a research note.