Truist analyst Keith Hughes downgraded Summit Materials (SUM) to Hold from Buy with a price target of $52.50, down from $60, after the company received a $52.50 per share takeover offer from private downstream products producer Quikrete. The firm does not anticipate another bidder to step in and believes the deal will close at this price.
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Read More on SUM:
- Summit Materials downgraded to Peer Perform from Outperform at Wolfe Research
- Summit Materials downgraded to Hold from Buy at Loop Capital
- Summit Materials downgraded to Neutral from Buy at Longbow
- Summit Materials downgraded to Neutral from Buy at Citi
- Macy’s uncovers employee fraud, Summit to be acquired: Morning Buzz
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