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Fly News Breaks for June 18, 2019
SUM
Jun 18, 2019 | 08:34 EDT
The activist investor filing yesterday by largest shareholder Southeastern Asset Management should, "at a minimum," put a floor on shares of Summit Materials and could accelerate interest from potential buyers, Jefferies analyst Philip Ng tells investors in a research note. The analyst notes that Southeastern wants to have more direct conversations with management and third parties to help recognize the intrinsic value of the company. He says Summit Materials is trading "well below" its replacement value of $29 per share. Ng keeps a Buy rating on the name with a $21 price target.
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