Trex (NYSE:TREX) Losing Market Share to CPG International

Saying major competitor CPG International is drawing market share away from Trex Co. (NYSE:TREX) via their AZEK brand, Canaccord Genuity maintains their "Hold" rating on the company.

Canaccord said, "We remain neutral on TREX given disappointing Q3 results and evidence that competitor CPG International (owner of the AZEK brand) is making inroads in Trex’s market share. While TREX’s EV/2011E multiple of 4.7x is at more reasonable levels, volatile quarterly results create a high level of uncertainty in the company’s outlook, in our view."

Trex closed Wednesday at $18.72, rising by $0.27, or 1.46 percent. Canaccord has a price target on them of $18.