Summit Materials price target raised to $50 from $46 at Truist

Truist raised the firm’s price target on Summit Materials to $50 from $46 and keeps a Buy rating on the shares. The company’s Analyst Day reiterated the management’s guidance for FY24 and raised synergy estimate for Argos deal from $100M to $130M, the analyst tells investors in a research note, adding that the realization of synergies should help the stock given how controversial the deal has been and lead to some multiple expansion, the analyst tells investors in a research note.