Barclays analyst Adam Seiden upgraded Summit Materials (SUM) to Overweight from Equal Weight with a price target of $52, up from $45. The firm cites a combination of fundamentals and the recent Quikrete offer for the upgrade. Between near-term synergy potential and portfolio optimization in the coming years, “there’s a path to differentiated outperformance,” the analyst tells investors in a research note. Barclays says that while cement price has been weak for ocean-born markets, it has been more stable than anticipated.
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