Jefferies Upgrades Texas Industries (TXI) to Buy

Jefferies upgraded Texas Industries (NYSE: TXI) from Hold to Buy with a price target of $39 (down from $43).

The firm states, "Although we are reducing our EBITDA and EPS estimates, we continue to expect both cyclical recovery and high long-term growth rates in TXI’s major markets of Texas and California. TXI also has strong asset backing, with modern cement capacity in Texas and California, which we estimate has a replacement cost equating to around $66 per share.

FY12 EPS goes from ($0.61) to ($1.42) and FY13 EPS from $0.40 to ($0.98).

For more ratings news on Texas Industries click here and for the rating history of Texas Industries click here.

Shares of Texas Industries closed at $35.04 yesterday.

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