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Stifel analyst Stanley S. Elliott downgraded Masonite International Corporation (NYSE:DOOR) to Hold from Buy at an increased price target of $133 (from $119).
The downgrade comes following the company’s fourth-quarter results reported this week.
The company posted revenue of $660.58 million, missing the consensus of $662.25 million, and adjusted EPS of $1.29, coming below the consensus of $1.31.
The analyst writes that Masonite’s North American business saw upside in 2023 but was offset by continued weakness in Europe and Architectural.
Also, this month, Owens Corning Inc (NYSE:OC) agreed to acquire Masonite for $133.00 per share in cash, implying a transaction value of approximately $3.9 billion.
The analyst writes that the acquisition remains on track to be closed by mid-2024 and doesn’t see any regulatory hurdles with this transaction.
Also, the analyst notes that M&A will remain a key theme as the building products industry continues to innovate and consolidate.
The analyst writes that Masonite’s ‘Doors That Do More’ Strategy will help drive consistent revenue and margin performance over time.
Also, the company’s focus on operational improvement and developing door systems versus slabs should enhance value and margins over time.
The analyst estimates revenue and EPS of $2.94 billion and $9.87 in 2024 and $3.13 billion and $11.55 in 2025.
Price Action: DOOR shares are trading higher by 0.05% at $129.84 on the last check Wednesday.
