Loop Capital downgraded Summit Materials (SUM) to Hold from Buy with a price target of $52.50, down from $54, after the company agreed to be purchased by Quikrete for $52.50 per share. The firm views the logic of agreeing to the sale as reasonable and the price “as fair.”
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SUM:
- Summit Materials downgraded to Neutral from Buy at Longbow
- Summit Materials downgraded to Neutral from Buy at Citi
- Macy’s uncovers employee fraud, Summit to be acquired: Morning Buzz
- Summit Materials downgraded to Neutral from Overweight at JPMorgan
- Quikrete Acquires Rival Summit Materials (SUM) for $11.5 Billion