Raymond James adds Construction Partners to favorite list, shares rise

Construction Partners

25/11/2022 18:03

** Civil infrastructure firm Construction Partners Inc
 ROAD.O  up 7.44% at $29.6
     ** Raymond James adds ROAD to its analyst current favorite
list with "strong buy" rating and PT $37
    ** Brokerage believes the stock is no longer overvalued and
views FY22 results and FY23 guidance as promising
    ** ROAD beat Q4 estimates earlier
    ** Raymond James notes that ROAD's business is inclined to
milling and paving services, so macro pressures on residential
market to not impact the company
    ** Firm's businesses more driven by public sector in
southern U.S. and thereby greater opportunity for state funding
- Brokerage
    ** Six of seven brokerages rate the stock "strong buy", one
"hold"; their median PT is $32 - Refintiv
    ** Stock had risen 2% YTD, compared with a 29% decline in
the Nasdaq industrial index  .IXID 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))