There’s a lot to be optimistic about in the Conglomerates sector as 2 analysts just weighed in on Installed Building Products (IBP) and Magna International (MGA) with bullish sentiments.
Installed Building Products (IBP)
In a report issued on January 8, Michael Dahl from RBC Capital maintained a Buy rating on Installed Building Products, with a price target of $120.00. The company’s shares closed last Tuesday at $110.24, close to its 52-week high of $121.67.
According to TipRanks.com, Dahl is a 4-star analyst with an average return of 4.9% and a 54.3% success rate. Dahl covers the Consumer Goods sector, focusing on stocks such as Skyline Champion, Taylor Morrison, and Toll Brothers.
Currently, the analyst consensus on Installed Building Products is a Strong Buy with an average price target of $121.50, representing a 10.6% upside. In a report issued on January 4, Jefferies also upgraded the stock to Buy with a $132.00 price target.
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Magna International (MGA)
RBC Capital analyst Steve Arthur maintained a Buy rating on Magna International on January 8 and set a price target of $80.00. The company’s shares closed last Tuesday at $76.12, close to its 52-week high of $77.06.
Arthur has an average return of 33.7% when recommending Magna International.
According to TipRanks.com, Arthur is ranked #567 out of 7210 analysts.
Magna International has an analyst consensus of Moderate Buy, with a price target consensus of $70.94, which is a -5.5% downside from current levels. In a report issued on January 8, Evercore ISI also maintained a Buy rating on the stock with a $100.00 price target.
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