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Summit Materials downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Summit Materials (SUM) to Sector Perform from Outperform with a price target of $52.50, down from $54, after the company announced that it has entered into a definitive agreement to be acquired by Quikrete for $52.50 in an all-cash transaction. The firm’s view is that the acquisition has “a very high likelihood of consummation,” the analyst tells investors.

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