Titan America initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Titan America (TTAM) with a Neutral rating and $19 price target Over the past 10 years, Titan America has posted “industry-leading” 10% organic growth annually, the analyst tells investors in a research note. The firm believes Titan’s “dense” vertically integrated logistics and import capacity position the company to benefit from an eventual residential construction, but says these positives are balanced by Florida housing over-supply, the slowing pace of non-residential construction growth, and import earnings that are subject to ocean freight rate volatility.