NX - Quanex's Strategic Moves Pay Off: Analyst Raises Price Target Amid Operational Gains | Benzinga
Benchmark analyst Reuben Garner reiterated a Buy rating on Quanex Building Products Corporation (NYSE: NX), raising the price target to $33.
The company recently reported Q3 results, where earnings and revenues beat estimates.
The analyst notes that the company saw macro/volume pressure in Q3, while solid operational controls led to record quarterly margins, with EBITDA and earnings ~20% and ~50% ahead of consensus, respectively.
Given the strong FCF outlook (raised FY23 guide to a record $90 million-$95 million), the analyst expects stringent M&A requirements for the business to likely increase the probability of ...