Jefferies, citing an announcement made by the company last Friday has lowered its price target on Vulcan Materials Company VMC from $52 to $51 but maintains its Buy rating on the stock.
Says Jefferies, in its report, “Vulcan's announcement on Friday (3 June) on the pricing of its $1.1bn senior bond offering has caused us to increase our estimate of its interest charge by $14m this year and by $28m in 2012, reducing our EPS estimates by $0.07 this year and by $0.15 next year. Our price target also falls by $1 to $51, but as the latter is still 35% above the current share price, we are retaining our Buy rating on the shares.”
VMC closed on Friday at $37.78.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst ColorPrice TargetAnalyst RatingsConstruction MaterialsJefferies & Co.MaterialsVulcan Materials Company
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in