09:00 AM EDT, 05/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $19 to $93, which values LPX at an EV/EBITDA of 10.7x our 2025 EBITDA estimate, a premium to LPX's trailing-12-month average forward EV/EBITDA of 10.0x, justified in our view by our outlook for a strong rebound in demand in 2024. We raise our 2024 EPS estimate by $1.62 to $5.75 and our 2025 EPS forecast by $0.38 to $5.29. LPX posts Q1 adj. EPS of $1.53 vs. $0.34, $0.40 above consensus, with a top-line beat of 5.4%. Q1 sales increased 24% Y/Y and the Q1 gross margin of 29.6% is a significant improvement from 17.3% in the prior-year quarter. Siding sales rose 9% Y/Y, with 5% price and 4% volume. Oriented strand board (OSB) revenue was up 65% Y/Y, driven by 36% higher prices and 21% higher volume. The higher commodity OSB price was the biggest driver of Y/Y growth in Q1, with OSB prices facing an easy comp relative to low prices in 2023. We have a positive outlook on the siding business, with record quarterly volumes of ExpertFinish and BuilderSeries during Q1.