Summit Materials price target raised to $36 from $32.45 at Citi
The Fly

Summit Materials price target raised to $36 from $32.45 at Citi

Citi analyst Anthony Pettinari raised the firm’s price target on Summit Materials to $36 from $32.45 and keeps a Buy rating on the shares. The analyst models housing starts to bottom in 2023 and expects new home prices to fall 15% from peak, ultimately unlocking affordability and stabilizing activity in in the second half of 2023. He retains a preference for construction materials names citing attractive relative valuations, pricing power, and recession-resistant demand. Pettinari is also selectively positive on homebuilders. The spring selling season should be weak, but a stabilization of second half net orders should be a catalyst, Pettinari contends.

Published first on TheFly

See today’s best-performing stocks on TipRanks >>

Read More on SUM:

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App