Construction Partners price target raised to $44 from $39 at Stifel

Stifel raised the firm’s price target on Construction Partners to $44 from $39 and keeps a Buy rating on the shares after the company held its inaugural analyst day and announced plans to double its business over the next five years. While the targets shared at the event are “ambitious,” they are consistent with prior historical growth and macro drivers – including the infrastructure bill, population and business migration to the Southeast, and significant M&A runway – are in place to achieve these goals, the analyst tells investors.