Summit Materials price target raised to $40 from $37 at JPMorgan

JPMorgan analyst Adrian Huerta raised the firm’s price target on Summit Materials to $40 from $37 and keeps an Underweight rating on the shares. The analyst expects the U.S. construction material sector to trade “sideways” at least until the end of 2023 since the stocks are trading at “fair multiples” and positive results and upward guidance revisions were already incorporated into outlooks for the sector prior to the Q2 earnings reports.