Summit Materials price target raised to $43 from $39 at Citi

Citi analyst Anthony Pettinari raised the firm’s price target on Summit Materials to $43 from $39 and keeps a Buy rating on the shares. The analyst updated estimates and top picks in the homebuilding and building products group as part of its 2024 outlook. The firm is selectively positive on homebuilders given mortgage rate and share gain tailwinds, but says some valuations are starting to appear full. Citi’s least preferred sub-sector is building products.