What is Summit Materials’ Average Target Price

## Citigroup Raises Summit Materials Price Target to $51.00

New York City,  – In a research note released on Friday, Citigroup announced an increase in its price target for Summit Materials (NYSE: SUM) to $51.00 per share, up from $46.00 previously. The firm maintained its “Buy” rating on the stock.

Analyst Consensus

The move by Citigroup follows a trend of positive sentiment among analysts covering Summit Materials. Six analysts currently recommend “Hold,” while seven rate the stock “Buy.” According to data from MarketBeat.com, the average target price for SUM is $46.09, representing a potential upside of 11% from its current trading price of $41.50.

Recent Performance and Key Metrics

Summit Materials has experienced strong growth in recent quarters. In its most recent earnings report, the company reported earnings per share (EPS) of $0.31, exceeding analyst estimates of $0.27. Revenue also surpassed expectations, coming in at $613.13 million.

The company has a strong financial position, with a current ratio of 5.36 and a debt-to-equity ratio of 0.99. Its 50-day simple moving average (SMA) is $41.01, while its 200-day SMA is $36.88.

Market Presence and Growth Prospects

Summit Materials operates as a vertically integrated construction materials company in the United States and Canada. It offers a wide range of products, including aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products.

The construction industry is expected to continue growing in the coming years, driven by infrastructure spending and population growth. This bodes well for Summit Materials’ future prospects.

Implications

The price target increase from Citigroup reflects growing optimism around Summit Materials’ business outlook. The company’s strong financial position, expanding product portfolio, and favorable industry trends position it well for continued success.

However, it’s important to note that the stock market is volatile, and there are always risks associated with investing. Investors should carefully consider their own financial goals and risk tolerance before making investment decisions.