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Fly News Breaks for August 1, 2018
VMC
Aug 1, 2018 | 07:01 EDT
As reported earlier, RBC Capital analyst Mike Dahl upgraded Vulcan Material to Outperform from Sector Perform and kept his $138 price target. The analyst cites an attractive entry point based on valuation, with the stock down 16% since mid-June and the recent mixed quarter marred by input cost inflation and a negative geographic mix contributing to the sell-off. The analyst notes however that the quarter also showed "solid volume growth and underlying price progression" while also pointing to strong demand trends, forecasting more pricing and margin upside in the coming quarters. At 14-times consensus next-twelve-month EBITDA multiple - the lowest valuation point over the past year - the analyst is more constructive on Vulcan Material.
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