Citi raised the firm’s price target on Core & Main to $56 from $43 and keeps a Neutral rating on the shares. Citi updated estimates and top picks as part of a 2025 outlook for the homebuilding and building products group. The firm’s 2025 earnings estimates fell 3% on average, and are now below consensus for most producers. After housing starts, remodeling spend, and cement volumes fell in 2024, Citi expects a “very modest rebound year” in 2025, the analyst tells investors in a research note. The firm remains cautious on homebuilders, which it says have the greatest sensitivity to elevated rates. Its top picks are CRH (CRH), Owens Corning (OC), and Vulcan Materials (VMC).
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Read More on CNM:
- Core & Main price target raised to $62 from $52 at Wells Fargo
- Core & Main price target raised to $56 from $38 at Truist
- Core & Main price target raised to $62 from $53 at RBC Capital
- Core & Main price target raised to $63 from $52 at Loop Capital
- Core & Main price target raised to $66 from $60 at Baird
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