Titan America SA: Strategic Positioning and Long-Term Prospects Amid Near-Term Housing Sector ChallengesWe are initiating coverage of Titan America, a building products company, with a Market Perform rating, a $17 price target, and 8% upside. The long-term growth prospects are attractive, given a favorable geographic footprint and structural margin expansion, but the near-term cyclicality limits the upside over the next 12 months. The key points to our thesis: (1) Location matters and Titan has a prime geographic footprint that should translate to sustained MSD/USD demand growth longer term. Pure play exposure to Mid-Atlantic, where the population grows 2x the US. Every 100bps increase in population drives a 95bps increase in cement demand. (2) The near-term outlook is less attractive: beware of the ‘25 slowdown, especially in housing.