Vulcan Materials downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Vulcan Materials to Neutral from Overweight with a price target of $230, up from $215. The firm downgraded the U.S. construction materials sector as it sees limited room for upside after the recent rally. The rally has left valuations “stretched” and the shares are now trading above their five-year averages, the analyst tells investors in a research note. While the performance has been entirely justified, it is hard to continue adding at these levels, says JPMorgan.