Eagle Materials price target lowered to $255 from $275 at Stephens

Stephens analyst Trey Grooms lowered the firm’s price target on Eagle Materials (EXP) to $255 from $275 and keeps an Overweight rating on the shares. Q4 results missed expectations on volume declines and a pull forward of maintenance expense in cement, the analyst tells investors. In the near term, the firm believes cement pricing will remain near current levels and Q4 should represent the low-water mark for cement margins, while wallboard pricing should remain relatively stable. When demand improves, the firm sees “a return to significant pricing power on both sides of the business,” the analyst added.