 Baird analyst Timothy Wojs downgraded Trex Company Inc NYSE:TREX to Neutral from Outperform and lowered the price target to 108 implying an upside of 14.7 from 116. Decking channel checks suggest sell-through demand will be slower in Q3 and Q4, driven by a combination of material and labor constraints, tougher compares, inflation and seasonality, Wojs notes. 