UFP Industries rises as Wedbush upgrades on positive lumber market trends

seekingalpha10-08

UFP Industries (NASDAQ:UFPI) rose over 2% in premarket trading on Tuesday as Wedbush upgraded the lumber company to Outperform from Neutral and raised its price target, eyeing multiple catalysts. "Our...

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Meanwhile, the top line was estimated to see a 2% yoy sales decline to $1.8 billion.  For the full year, Wedbush saw no change to its sales estimate of $6.9 billion but accounted for a small increase to its FY24 AEBITDA to $726 million from $720 million. Not only this, Wedbush also upped its FY25/FY26 revenue estimates to $7.2/$7.5 billion from $7.1/$7.4 billion, and FY25/FY26 AEBITDA estimates to $779/$812 million from $745/$778 million on higher forecasted lumber prices, among others.  The financial services company raised its price target to $155 from $120 based on a 10.8x EV/AEBITDA multiple on its FY25 AEBITDA estimate of $779 million.  Since the start of the year, UFP Industries (UFPI) have gained about 3.2%. 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