KeyBanc starts Norcraft at Hold


KeyBanc initiates coverage on Norcraft (NCFT -0.3%) with a Hold rating.

"We think NCFT's focus on largely U.S. cabinets positions it well to grow based on: 1) its 87% dealer exposure that supports, 2) an above peer EBIT margin, with a 3) proven and tenured management team," analyst Kenneth Zener says.

"Our HOLD rating reflects NCFT's valuation in line with peers, with a premium likely warranted if it sustains higher growth and margins. We believe the largest risks are increased dealer competition, falling home prices and job growth that undermines its core 45 and older buyer," Zener adds.

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