Summit Materials price target raised to $44 from $39 at RBC Capital

RBC Capital analyst Mike Dahl raised the firm’s price target on Summit Materials to $44 from $39 and keeps a Sector Perform rating on the shares. The company’s investor day comments were largely in line with expectations, though incremental Argos synergies – raised from $100M to $130M – add cushion to its FY24 guide, the analyst tells investors in a research note. Summit’s execution around margins is key for its long-term value creation and multiple expansion, the firm added.