Summit Materials price target raised to $54 from $49 at Loop Capital

Loop Capital raised the firm’s price target on Summit Materials (SUM) to $54 from $49 and keeps a Buy rating on the shares. The company delivered solid Q3 result and mostly reiterated FY24 guidance, though the latter was a positive surprise as weather had been a major concern throughout the quarter and as read throughs from recently reported peers were more near term cautious, the analyst tells investors in a research note.