Vulcan Materials price target raised to $290 from $245 at JPMorgan

JPMorgan raised the firm’s price target on Vulcan Materials (VMC) to $290 from $245 and keeps a Neutral rating on the shares. With the U.S. constructing materials sector trading at peak multiples, the “current narrative is priced for perfection and that any signs of growth weakness could pose a de-rating risk,” the analyst tells investors in a research note. The firm says that while the sector is not a strong buy, it does not foresee significant downside from current levels either. It anticipates aggregates volumes to grow low single digits, with upside risks, driven primarily by infrastructure, while nonresidential and residential are likely to continue lagging.