Vulcan Materials downgraded to Neutral from Buy at UBS

UBS downgraded Vulcan Materials (VMC) to Neutral from Buy with a price target of $258, down from $343. Despite the pullbacks in Machinery stocks to date, the firm thinks there is more earnings downside for the companies related to macroeconomic headwinds that is not yet priced in, the analyst tells investors in a research note. The recent underperformance primarily reflects the direct impacts of tariffs and a modestly more challenged demand and pricing environment than was reflected in prior expectations, and while there is still the potential for a rapid de-escalation in trade tensions/tariffs and Federal Reserve actions, there will be damage from actions already taken and continued uncertainty, and stock prices today reflect too much optimism, the firm argues.