Eagle Materials price target raised to $250 from $220 at Truist

Truist raised the firm’s price target on Eagle Materials to $250 from $220 and keeps a Buy rating on the shares. Investors have been bullish on the company’s heavy materials business but wary on the residentially focused wallboard given historical price declines, though the latter has done extremely well in 2023 despite the housing downturn as prices held, the analyst tells investors in a research note. Both segments will now start to contribute to EBITDA growth in 2024, with a residential turn coupled with continued cement pricing, the firm added.