Summit Materials price target lowered to $45 from $48 at Stifel

Stifel analyst Stanley Elliott lowered the firm’s price target on Summit Materials to $45 from $48 and keeps a Buy rating on the shares. In his 2023 outlook note for his Machinery, Construction Materials and Building Products coverage, the analyst stated that he expects "typical late-cycle trends" – including slowness in housing but non-residential accelerating – to unfold and also expects the price/cost environment to generally improve.