- U.S. Concrete (USCR -6.1%) tumbles as much as 9% as D.A. Davidson analyst Brent Thielman cuts estimates amid difficult market conditions and lowers his stock price target to $70 from $82, although he still rates the shares a Buy.
- Thielman thinks weather conditions, particularly in Texas, and wildfires in California will result in weaker than expected earnings, and believes near-term results will not be able to ease concerns such as shortfalls in financial results, slowing construction markets and elevated leverage that led to a 58% drop in 2018.
- The analyst forecasts 2018 adjusted EPS of $2.36 from $2.88 previously on revenues of $1.49B vs. $1.52B and cuts his 2019 outlook to EPS of $3.65 from $4.88 on $1.64B in revenues from $1.69B earlier.
- Thielman also cuts stock price targets on Eagle Materials (EGLE +2.8%), Martin Marietta (MLM +0.7%) and Summit Materials (SUM +1.9%).
- Source: Bloomberg First Word
- Now read: Daily Insider Ratings Round Up 12/18/18
Original article