Construction Partners downgraded to Neutral from Outperform at Baird

Baird downgraded Construction Partners to Neutral from Outperform with a price target of $50, up from $46. The analyst cites valuation for the downgrade, saying the stock’s risk/reward is better balanced at current share levels. The shares now better appreciate Construction Partners’ attractive organic and acquisitive growth profile and the strong funding environment, the analyst tells investors in a research note.