JPMorgan downgraded Vulcan Materials (VMC) to Neutral from Overweight with a price target of $320, down from $335. The company’s Q4 results came in well below expectations on weaker than expected margins due to tough comparisons and pricing headwinds from product and geographic mix shift, the analyst tells investors in a research note. JPMorgan cites Vulcan’s weaker than expected guidance, demand headwinds, and “rich” valuation multiples for the downgrade.
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