Wolfe Research analyst Timna Tanners downgraded Summit Materials to Peer Perform from Outperform without a price target. The announced acquisition of cement-focused Argos USA “was bold in its timing with rising interest rates and a weaker construction outlook,” the analyst tells investors in a research note. The firm assumes gradual synergy benefit over three years and downgrades Summit to reflect higher debt metrics and cycle risks.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on SUM:
- Summit Materials to combine with Argos USA in transaction valued at $3.2B
- Summit Materials, Cementos Argos combine in transaction valued at $3.2B
- Summit Materials to Combine with Argos USA, Creating a Materials-Led Enterprise with National Scale
- Summit Materials management to meet with Truist
- Summit Materials price target raised to $40 from $37 at JPMorgan