2023-07-06 11:49:02 ET
Makers of construction supplies such as Vulcan Materials ( NYSE: VMC ) on Thursday were downgraded by analysts at J.P. Morgan. They said the companies offer limited room for gains after a strong rally so far this year.
Vulcan ( VMC ) and Martin Marietta Materials ( NYSE: MLM ) were downgraded to Neutral from a previous investment rating of Overweight. Eagle Materials ( NYSE: EXP ) and Summit Materials ( NYSE: SUM ) were lowered to Underweight from a prior rating of Neutral.
“While performance has been entirely justified, we believe it is hard to continue adding at this levels but don’t see significant downside,” Adrian E. Huerta, analyst J.P. Morgan, said in a July 6 report. “The industry’s fundamentals remain supportive, especially as we head towards the 2H23, which we expect to be stronger in terms of results, and we would not be surprised if earnings turned out to be better than the already upbeat expectations.”
J.P. Morgan price targets for U.S. construction materials companies, July 6 | |||
New | Old | ||
Martin Marietta Materials ( MLM ) | $470 | $450 | |
Vulcan Materials ( VMC ) | $230 | $215 | |
Eagle Materials ( EXP ) | $190 | $155 | |
Summit Materials ( SUM ) | $37 | $32 |
More about building materials
- Vulcan, Martin Marietta raised to Buy as Goldman Sachs turns positive on building materials
- Homebuilder, construction materials stocks climb after housing prices jump
For further details see:
Makers of building materials downgraded at JPMorgan