Summit Materials price target raised to $44 from $41 at Loop Capital

Loop Capital analyst Garik Shmois raised the firm’s price target on Summit Materials to $44 from $41 and keeps a Buy rating on the shares as part of a broader research note on Construction Materials. The firm sees upside to Q4 consensus estimates across aggregates/cement names and an in-line to better-than-expected FY24 guidance due to favorable volume and cost trends. Price increases are sticking at the expected high-single to low double-digit rate, even though cement pricing is disappointing in coastal markets where imports have increased, the analyst tells investors in a research note. Loop added that despite the cement pricing noise, the firm sees good visibility to double-digit organic earnings growth this year.