Eagle Materials downgraded to Neutral from Buy at Citi

Citi downgraded Eagle Materials (EXP) to Neutral from Buy with a price target of $280, down from $334. The firm reduced EBITDA estimates through 2027 to reflect the impact of “higher-for-longer” interest rates on residential demand for wallboard, as well as a more muted pricing environment for cement and wallboard in 2025. Eagle’s long-term positives are balanced by a more uncertain pricing environment in 2025, the analyst tells investors in a research note. Citi sees limited near-term positive catalysts for the stock, with recovery in construction end markets likely to be slower until rates improve.