Vulcan Materials Company (VMC) PT Lowered to $282 at Morgan Stanley

Morgan Stanley analyst Angel Castillo lowered the price target on Vulcan Materials Company (NYSE: VMC) to $282.00 (from $290.00) while maintaining a Equalweight rating.

The analyst comments "VCM Model and PT Update: Our price target is decreased to $282/share from $290/share reflecting a 3% decrease to our updated 2024 EBITDA estimate of $2,183M and an unchanged multiple of 18.5x EV/EBITDA (NTM) consistent with our valuation for peer MLM. We are marking our model to market pre-2Q24: Our 2Q24 Adj. EBITDA decreases to $597M from $666M, 2024 Adj. EBITDA decreases to $2,183M from $2,252M, 2Q24 EPS decreases to $2.36 from $2.76, and 2024 EPS decreases to $8.30 from $8.69. Our updated forecast primarily reflects: 1) lower 2Q24 aggregates organic volume driven by unfavorable weather pushing out some projects, 2) lower aggregates margin reflecting relative weak volume and fixed cost absorption , and 3) increased 2024 capex based on the guidance."

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