0922 ET - Vulcan Materials' belief it can deliver another year of double-digit gross-profit-per-ton growth boosts Jefferies' confidence in the crushed stone and asphalt maker's long-term outlook. Analyst Philip Ng says the company's expectations seem very achievable when underpinned by single-family residential construction and public/infrastructure growth, among other factors. Vulcan's confidence increases "our conviction that even in the absence of a more significant demand snapback, the LT algo remains intact & shares should compound," Ng says. Vulcan is flat premarket, and is up 19% year-to-date. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
November 04, 2024 09:22 ET (14:22 GMT)
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