Davenport Upgrades U.S. Concrete (RMIX) to Neutral, Further Downside Limited
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Davenport upgrades U.S. Concrete (Nasdaq: RMIX) from Sell to Neutral, saying further downside likely
limited
Davenport analyst says, "We are raising our rating on U.S. Concrete from Reduce/Sell to Neutral, as we believe the downside in the company’s stock may be limited from the current level. RMIX’s share price has declined by 60% from $5.00 since our downgrade from Neutral to Reduce/Sell on July 23, 2008. We are well aware that the environment for concrete companies has been bad, is bad now, and might continue to be bad for some time. However, we believe that at just north of $2, and even ahead of earnings, the shares are likely discounting much of the bad news in the market’s outlook (especially as most other building materials companies have already reported earnings) and that downside is probably limited – unless we thought the company was likely to go bankrupt or have other major liquidity-related problems in the near term, which we don’t."
U.S. Concrete, Inc. (U.S. Concrete) is a producer of ready-mixed concrete, precast concrete and concrete-related products in select markets in the United States.
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