UPDATE: RBC Capital Markets Upgrades Installed Building Products On Improved Financial Outlook

In a report published Thursday, RBC Capital Markets analyst Robert Wetenhall upgraded the rating on Installed Building Products Inc. (NYSE: IBP) from Sector Perform to Outperform, and raised the price target from $19.00 to $22.00.

In the report, RBC Capital Markets noted, "We are upgrading our rating to Outperform and raising our price target to $22 (+17%). Our upgrade is driven by a markedly improved financial outlook in response to strong underlying demand trends in the housing market and favorable pricing dynamics. Strong volume growth, favorable pricing trends, and a robust acquisition pipeline represent potential catalysts for achieving our price target of $22."

Installed Building Products closed on Wednesday at $18.73.