Truist cuts Summit Materials rating, lowers PT to Quikrete's buyout offer price
27/11/2024 14:38
** Truist Securities cut rating on building materials
provider Summit Materials SUM.N to "hold" from "buy" in a note
dated Tuesday
** SUM on Monday said rival Quikrete would buy it in a deal
valued at $11.5 bln, in a move to capitalize on higher demand
for building materials
** "We do not anticipate another bidder to step in and thus
see little upside to the $52.50/share offer price," says
brokerage
** Brokerage lowers SUM PT to $52.50 from $60; in line with
Quikrete's offer price
** Up to last close, stock up 32% YTD
(Reporting by Anshuman Tripathy)
((Anshuman.Tripathy@thomsonreuters.com))