Citi downgraded Summit Materials (SUM) to Neutral from Buy with a price target of $52.50, down from $55. The company entered into an agreement to be acquired by Quikrete for $52.50 per share in cash and is currently trading at a 3% discount, implying a roughly fair valuation, the analyst tells investors in a research note.
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Read More on SUM:
- Macy’s uncovers employee fraud, Summit to be acquired: Morning Buzz
- Summit Materials downgraded to Neutral from Overweight at JPMorgan
- Quikrete Acquires Rival Summit Materials (SUM) for $11.5 Billion
- Summit Materials downgraded to Sector Perform from Outperform at RBC Capital
- Summit Materials Announces Merger with Quikrete Holdings