Eagle Materials (EXP) PT Raised to $311 at Citi

Citi analyst Anthony Pettinari raised the price target on Eagle Materials (NYSE: EXP) to $311.00 (from $252.00) while maintaining a Buy rating.

The analyst comments "EXP shares jumped +7% following a F1Q beat; Cement EBIT margins (+290bp Y/Y) were driven by solid pricing, lower maintenance costs of ~$2mm (benefitting from ~$7mm of maintenance pull-forward in F4Q ’24), lower fuel costs of ~$1mm, and non-repeat of ~$3mm in inventory step-up. While maintenance and step-up benefits are one-time, lower fuel may continue into calendar 2H. A slow start to the construction season has likely taken mid-year hikes off the table; EXP expects Cement price flat Q/Q in F2Q. While capex will rise through calendar ’26 with the Laramie expansion (potential $50mm+ EBITDA benefit) EXP still has balance sheet levers to pull (buybacks, bolt-ons) at 1.3x leverage. Our FY ’25 EBITDA est. rises +2% reflecting the beat and margin outlook, while ’26-’27 EBITDA est. rise +1%. We apply a 12.5x NTM EBITDA multiple reflecting an improved margin profile and peer valuations and our target moves to $311; Buy."

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