08:05 AM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $30 to $300, on an EV/EBITDA of 16.5x our 2025 EBITDA estimate vs. VMC's 3-yr. avg. forward EV/EBITDA of 16.2x. We raise our 2024 EPS estimate by $0.50 to $8.72 and 2025's by $0.72 to $10.05. VMC posts Q1 adj. EPS of $0.80 vs. $0.95, $0.03 above consensus; revenue beat by 2.3%. VMC faced adverse weather (unusually cold and wet) across many geographies during Q1, leading to a 7% Y/Y decline in aggregates volume to 48.1 million tons. Despite this headwind, freight-adjusted price was up 10% Y/Y, resulting in a 10% Y/Y increase in cash gross profit to $8.86/ton. It was the same story for asphalt and concrete, which experienced a 34% and 10% increases in cash gross profit per ton, respectively, vs. Q1 2023. In 2024, in private construction, growth in single-family should be offset by declines in multi-family. The underlying fundamentals of strong population growth and low housing inventories support a near-term recovery in private and we remain positive on public markets.