DA Davidson Cuts Price Target on Eagle Materials (EXP) by 26%, Fears Weigh on Stocks

DA Davidson is reaffirming its Neutral rating on shares of Eagle Materials (NYSE: EXP), but is cutting its price target from $27 to $20.

The firm notes that its recent State Contract Lettings report infrastructure-related prospects in many key Eagle cement markets have fallen in the past months, although expansion in North American oil & gas drilling may provide opportunity for Eagle’s cement business.

Unstable financial markets and growing concerns of slowing economic growth continue to shadow unknown growth prospects.

An analyst at DA Davidson comments, "Without steady improvement in the company’s end markets or material change in the competitive landscape, we continue to exercise caution at current levels; particularly amidst a fragile U.S. economy and volatile equity markets."

For more ratings news on Eagle Materials click here and for the rating history of Eagle Materials click here.

Shares of Eagle Materials closed at $18.39 yesterday.

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