Vulcan Materials resumed with a Buy at Stifel

Stifel resumed coverage of Vulcan Materials (VMC) with a Buy rating and $287 price target The firm likes the long-term construction materials market structure, which it believes supports mid- to high-single digit annual pricing growth in aggregates and mid-single digits in cement over the cycle. These pricing gains should outpace costs, creating line of sight to margin expansion for the group, the analyst tells investors in a research note. Stifel likes Vulcan’s strategic focus on aggregates with the highest portion of mix amongst public peers.