Summit Materials downgraded to Neutral from Buy at Citi

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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