Eagle Materials price target raised to $215 from $190 at Citi

Citi analyst Anthony Pettinari raised the firm’s price target on Eagle Materials to $215 from $190 and keeps a Buy rating on the shares. Building Products stocks are up 39% year-to-date on strong pricing, “surprisingly robust” housing demand, and moderating costs, the analyst tells investors in a research note. The firm increased group estimates to reflect favorable weather pulling some volumes forward and better than expected price/cost Heading into Q2 reports, Citi favors construction materials producers over light repair-and-remodel exposed producers. It sees room for heavy materials multiples to expand, saying this story can continue to play out in 2024.