Summit Materials price target raised to $48 from $36 at Stephens

Stephens analyst Trey Grooms raised the firm’s price target on Summit Materials to $48 from $36 and keeps an Overweight rating on the shares. The company reported “strong” results, with better-than-expected sales and “greater outperformance” on profitability, the analyst tells investors. With pricing momentum and cost inflation moderating, Stephens expects continued strength in margins, which, combined with accelerating infrastructure demand, sets 2024 up well, the firm says.