© Reuters. Masco Corp. (MAS) gross sales ‘more likely to proceed being pressured’ – Gimme Credit score
Company bond analysis agency Gimme Credit score upgraded Masco Corp . (NYSE:) to Enhancing from Steady in a observe Wednesday, elevating its credit score rating for the corporate to 1 from 0.
Analysts at Gimme Credit score stated Masco gross sales are more likely to proceed being pressured because the restore and transform market is predicted to be flattish in 2024.
“The adjusted operating margin outlook, however, remains favorable on cost savings initiatives, pricing actions, and lower raw material costs,” they added.
Analysts additionally famous that the corporate reiterated its intent on utilizing $500 million of annual free money stream for share repurchases and/or bolt-on acquisitions.
“Based on our revised projections, we look for 2023 net leverage to decrease 20 basis points to 1.6x and an additional 40 basis points to 1.2x in 2024,” the analysts at Gimme Credit score concluded.