Jefferies Thinks Summit Materials’ Stock is Going to Recover

By Jason Carr

Jefferies analyst Philip Ng reiterated a Buy rating on Summit Materials (SUMResearch Report) yesterday and set a price target of $24. The company’s shares closed yesterday at $14.65, close to its 52-week low of $11.67.

According to TipRanks.com, Ng is ranked #394 out of 4918 analysts.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Summit Materials with a $24 average price target, implying a 63.8% upside from current levels. In a report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $18 price target.

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The company has a one-year high of $34.06 and a one-year low of $11.67. Currently, Summit Materials has an average volume of 3.2M.

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Summit Materials, Inc. is a construction materials company. The company operates its business through the following segments: Cement, West and East. The Cement consists of its Hannibal, Missouri and Davenport, Iowa cement plants and distribution terminals along the Mississippi river from Minnesota to Louisiana.