Summit Materials (SUM) Pricing Inflecting in Cement and Aggs, PT Raised to $43 at Jefferies
- Wall Street falls as Amazon earnings disappoint
- Amazon (AMZN) Plunges After Missing Sales and Guidance Expectations, Analysts Slash PTs to Reflect Weaker Guidance
- Pinterest (PINS) Tops Profit and Sales Views, But Shares Plunges Over 20% on a Big Monthly User Miss to Prompt Two Downgrades
- 'I'm CEO.' New Book Outlines Merger Conversations Between Elon Musk and Tim Cook
- Bullard: Fed should taper this fall, go "fairly rapidly" to end early 2022
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Jefferies analyst Philip Ng raised the price target on Summit Materials (NYSE: SUM) to $43.00 (from $39.00) after hosting a series of investor meetings with Anne Noonan (CEO) and Brian Harris (CFO) that portrayed a company executing on its strategic plan and committed to a culture of operational excellence. The key takeaways is that the company is seeing good pricing momentum & has announced a 2nd price increases in cement & aggs.
The analyst reiterated a Buy rating, stating "Given the tight supply/demand dynamics and cost inflation, mgmt is looking at a second price increase for its fixed plant aggregates customers & cement. In aggregates, SUM has gone back to its customer base for incremental pricing in several of its markets, which at a minimum will offset inflation. In cement, SUM announced a $6/ton increase for Apr, but noted that it was negotiated in late '20 when S/D was not as tight as now."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Protagonist Therapeutics (PTGX) PT Raised to $93 at Piper Sandler on PN-943 Increasing Likelihood of Success
- DSV A/S (DSV:DC) (DSDVY) PT Raised to DKK1,650 at Deutsche Bank
- UPDATE: Comcast Corp (CMCSA) PT Raised to $72 at Morgan Stanley
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Raising Prices
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!