As previously reported, Stephens downgraded Summit Materials (SUM) to Equal Weight from Overweight with a price target of $52.50, down from $56, after the company announced the merger review waiting period has expired and the agreement to be acquired by Quikrete is expected to close within the first quarter of 2025. Though still subject to shareholder and regulatory approval, the firm does not expect any preventative regulatory issues and expects the deal to be approved. given that Summit’s largest shareholder, Cementos Argos, is in favor of the deal.
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Read More on SUM:
- Summit Materials announces expiration of HSR Act waiting period for acquisition
- Summit Materials Adjusts Executive Compensation Amid Quikrete Merger
- Summit Materials downgraded to Hold from Buy at Jefferies
- Summit Materials downgraded to Hold from Buy at Truist
- Summit Materials downgraded to Peer Perform from Outperform at Wolfe Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
