Summit Materials (SUM) PT Raised to $37 at Loop Capital
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Loop Capital analyst Garik Shmois raised the price target on Summit Materials (NYSE: SUM) to $37.00 (from $34.00) while maintaining a Buy rating.
The analyst commented, "On the back of SUM’s impressive 1Q, we’re raising our estimates and PT to $37 (+$3) as absent significant weather headwinds in subsequent months, we firmly expect SUM to raise their FY21E guidance after 2Q. While our estimates don’t include the impact of divestments related to the company’s Elevate plan (those will be netted out as the company announces them), we think accelerating demand and pricing fundamentals will more than offset the potential loss of underperforming assets that SUM intends to shed over the next several quarters. Overall, we remain positive on the shares and see opportunities for multiple expansion assuming a) near- to mid-term earnings momentum continues as their markets recover faster than expected and b) Elevate initiatives should drive additional margin expansion over the mid to long term."
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