Summit Materials downgraded at Stephens after deal review period expires

As previously reported, Stephens downgraded Summit Materials (SUM) to Equal Weight from Overweight with a price target of $52.50, down from $56, after the company announced the merger review waiting period has expired and the agreement to be acquired by Quikrete is expected to close within the first quarter of 2025. Though still subject to shareholder and regulatory approval, the firm does not expect any preventative regulatory issues and expects the deal to be approved. given that Summit’s largest shareholder, Cementos Argos, is in favor of the deal.