Goldman Sachs Downgrades Vulcan Materials Company (VMC) to Sell

Goldman Sachs downgraded Vulcan Materials Company (NYSE: VMC) from Neutral to Sell with a price target of $29, suggesting 5% downside.

The firm expects concrete and asphalt mix industry excess capacity to drive a longer path to mid-cycle earnings. In addition, the company's stretched balance sheet and low cash generation and returns will drive weak relative performance.

Goldman also sees limited valuation upside with shares trading at 14.7X 2012E EV/EBITDA and 7X undiscounted EV/EBITDA.

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

Shares of Vulcan Materials Company closed at $30.49 yesterday.

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