Titan America initiated with a Neutral at BofA

BofA initiated coverage of Titan America (TTAM) with a Neutral rating and $16.50 price target The vertically integrated manufacturer and supplier of cement, ready-mix concrete, block, and aggregates has “enviable” share in Florida and the NYC metro area and its core markets are growing faster than average, the analyst tells investors. However, the firm thinks the residential and private/non-residential construction sector is already in a recession and that the domestic cement market has plateaued and there is a risk imports will flood the market, potentially weighing on pricing, the analyst added.