Eagle Materials price target lowered to $206 from $219 at Citi

Citi lowered the firm’s price target on Eagle Materials to $206 from $219 and keeps a Buy rating on the shares. The analyst reduced Q3 construction materials estimates on higher diesel costs, partially offset by strong pricing. For light building products, the firm expects solid Q3 results but potentially more cautious forward commentary. Looking to 2024, Citi favors construction materials producers over remove and replace-exposed producers. The firm moved CRH to its top pick in building products into the Q3 reports.