Titan America downgraded at HSBC on valuation and soft demand

As previously reported, HSBC downgraded Titan America (TTAM) to Hold from Buy with a price target of $18.50, up from $18. Q1 results came in below expectations as the company experienced lower ready mix volumes in Florida and cement and aggregates volumes in the MidAtlantic, notes the analyst, who cites a “fairer valuation,” continued demand softness, and the near-term dilution from the Keystone acquisition for the firm’s downgrade.