Wells Fargo raised the firm’s price target on Commercial Metals (CMC) to $64 from $61 and keeps an Overweight rating on the shares. The firm views Commercial Metals’ announced concrete product deal as a compelling, easily digestible acquisition with a pathway to expanding more asset-light, higher-margin products.
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Read More on CMC:
- Strategic Acquisition and Market Positioning Drive Buy Rating for Commercial Metals Company
- Commercial Metals Acquires Concrete Pipe & Precast
- Commercial Metals to acquire Concrete Pipe & Precast for $675M
- Commercial Metals price target raised to $70 from $60 at BofA
- Commercial Metals initiated with an Overweight at Wells Fargo