TREX - Trex Company: A Solid Q1 But The Rally Has Gone Too Far
Trex Company, Inc. (NYSE:TREX) is a manufacturer of engineered wood-alternative products focusing on outdoor applications like decking, railing, porches, fencing, and framing categories. The company serves consumer markets through home improvement retail channels along with wholesale distributors for commercial construction. Growth has been impressive over the past decade by capturing a steady market share from natural wood. The company just reported its latest quarterly results, sending shares to an all-time high. While we recognize the overall solid fundamentals, we take a more cautious view on the stock given a more uncertain macro outlook,