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)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.