Stifel downgraded Titan America (TTAM) to Hold from Buy with a price target of $15, down from $17. The firm believes based on its analysis of import data that Titan’s imported cement volume is trending about 20%-25% lower year-over-year in Q2 after a roughly 40%-50% decline in Q1, the analyst tells investors. Additionally, the firm believes Titan’s important Florida and Virginia markets saw relative softness in housing activity in Q2, the analyst added.
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