Installed Building Products: Downgrade To Hold As Valuation Has Priced In Near-Term Upside

The Good Brigade Investment action I recommended a buy rating for Installed Building Products (NYSE:IBP) when I wrote about it in November 2023, as I expected, growth to be well-supported by its strong backlog and volume, which saw improvement due to the increase in single-family starts. Since then, IBP has done way better than I had modeled, with share prices now trading at ~$200 (from a peak of$281) vs. my previous price target of ~$185. Based on my current outlook and analysis, I am downgrading from buy ...