Citi analyst Anthony Pettinari initiated coverage of Eagle Materials with a Buy rating and $111 price target. The analyst expects spending on public transportation infrastructure to accelerate in 2020 through 2020 as states catch up with federal spending. Tightening supply/demand and potential price improvement drive his favorable view of Eagle's Cement business. And while Wallboard has suffered from disappointing demand, residential construction is showing signs of strength, Pettinari tells investors in a research note. He believes the company's planned separation into two entities will unlock value.