KeyBanc Upgrades Installed Building Products (IBP) to Overweight

KeyBanc upgraded Installed Building Products (NYSE: IBP) from Sector Weight to Overweight with a price target of $29. Analyst Kenneth R. Zener noted new home demand and M&A.

Zener said, "We upgrade Installed Building Products, Inc. (IBP) to Overweight with a $29 PT based on: 1) ~80% exposure to new housing; 2) its proven M&A strategy that accelerates growth; and 3) earlier than expected gross margin leverage tied to price gains, which support our upgrade. We raised our FY15 and FY16 EPS estimates to $1.10 and $1.52, respectively, from $1.03 and $1.40, respectively, based on recently announced M&A deals that lift sales and earnings."

For an analyst ratings summary and ratings history on Installed Building Products click here. For more ratings news on Installed Building Products click here.

Shares of Installed Building Products closed at $25.45 yesterday.

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