DA Davidson analyst Kurt Yinger downgraded Trex Company to Neutral from Buy but raised his price target to $104, up from $102, after its "solid" Q4 revenue and earnings beat. The analyst notes that he remains positive on the company's fundamental trajectory in 2020 and continues to see Trex as a standout in the building products space, but with shares trading at nearly an all-time high expected EBITDA multiple valuation, he sees the risk-reward on the stock as balanced.