Why Summit Materials Stock Jumped 12% in Early Trading Today
Shares of aggregate, cement, and asphalt producer Summit Materials (NYSE: SUM) rose as much as 12% in early trading on Wednesday. By roughly 11 a.m. EST today, the shares were still holding on to most of that gain, up roughly 11%. The big news driving that price advance came out of financial services firm Stephens.
Stephens analyst Trey Grooms upgraded Summit from equal weight to overweight, and the stock's price target rose from $19 per share to $25. Investors tend to like it when Wall Street analysts upgrade stocks, so it's hardly shocking that Summit shares rose on the news.
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Source Fool.com
