UPDATE: Citi Upgrades Eagle Materials (EXP) to Buy

(updated to add analyst comment)

Citi upgraded Eagle Materials (NYSE: EXP) from Neutral to Buy with a price target of $110.00 (from $115.00).

Analyst Scott Schrier believes the recent underperformance has generated a compelling entry point for new money to get long and benefit from cyclical upside tied to residential and public spending. Four reasons he is more positive:

1. wallboard margins appear to be better than feared,
2. we think most of the frac sand momentum is out of the stock,
3. cement looks to be firing on all cylinders (i.e. volume, price, JV, mix & margins), and
4. attractive valuation and bull/bear analysis that supports upside.

For an analyst ratings summary and ratings history on Eagle Materials click here. For more ratings news on Eagle Materials click here.

Shares of Eagle Materials closed at $91.32 Friday.

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