Summit Materials price target raised to $47 from $41 at DA Davidson

DA Davidson analyst Brent Thielman raised the firm’s price target on Summit Materials (SUM) to $47 from $41 and keeps a Neutral rating on the shares. The company’s Q3 results were “noisy” but not as bad as the firm feared earlier in October due to weather-related challenges, the analyst tells investors in a research note. The firm’s higher price target also considers solid Q3 cash flow driving a larger cash position for Summit, DA Davidson added.