Citi raised the firm’s price target on Summit Materials to $51 from $46 and keeps a Buy rating on the shares. The analyst updated models in the building products and homebuilding group ahead of the Q1 earnings reports. The firm prefers heavy materials citing potential for “beat-and-raise” quarters over the course of the year on strong pricing and Infrastructure Investment and Jobs Act flow-through. Among homebuilders, Citi has a relative preference for larger production builders that have lagged year-to-date.
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