JPMorgan upgraded Eagle Materials to Neutral from Underweight with an unchanged $200 price target as part of a broader research note on U.S. Construction Materials. The firm states that it is improving its expectations on the stock despite a weaker outlook on volumes as it sees pricing remaining resilient and believes that this should push additional margin expansion in FY24. The sector is also currently trading in line with historical averages vs. one standard deviation above this past summer, when the firm turned neutral on the group, the analyst tells investors in a research note.
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