Suncrete initiated with a Buy at Jefferies

Jefferies initiated coverage of Suncrete (RMIX) with a Buy rating and $19 price target The company has shown the ability to generate 20% EBITDA margins as “scaled ready-mix producer” in well structured markets, the analyst tells investors in a research note. The firm says that with limited competition to consolidate a “highly fragmented” ready-mix market, it sees the company’s EBITDA tripling in two years. It believes this Suncrete’s EBITDA could double again by 2030.