Vulcan Materials downgraded on high expectations at Atlantic Equities

Atlantic Equities analyst Colin Isaac downgraded Vulcan Materials to Neutral from Overweight with a price target of $185, up from $180. Consensus estimates for 2023 already discount higher growth, and there is some "underestimated risks" to both volumes and price, the analyst tells investors in a research note. The firm says that with a "high" valuation multiple, any earnings downside is unlikely to be absorbed. As such, the stock’s risk/reward balance has become less favorable, writes the analyst.