JP Morgan sees weak Q2 for US construction materials companies, lowers PTs

Summit Materials

08/07/2024 15:53

** J.P. Morgan lowers PTs for U.S. construction materials
companies
 Company     New PT   Old PT   Median PT -
                               LSEG data
 Martin      $580     $600     $660
 Marietta                      
 Materials                     
  MLM.N                        
 Vulcan      $255     $270     $300
 Materials                     
  VMC.N                        
 Eagle       $230     $265     $270
 Materials                     
  EXP.N                        
 Summit      $42      $47      $50
 Materials                     
  SUM.N                        
 
    ** Brokerage says its concerns on sector margins and
lower-than-expected demand are materializing, citing
worse-than-expected weather
    ** However, sees resilience from residential and light
non-residential demand
    ** YTD, MLM had risen 8%, VMC up 7.8%, EXP up 6.3% and SUM
down 5.8%

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))