Stifel Starts Titan America (TTAM) at Buy

Stifel analyst Brian Brophy initiates coverage on Titan America (NYSE: TTAM) with a Buy rating and a price target of $19.00.

The analyst comments: "We are initiating coverage of Titan America SA (TTAM) with a Buy rating and $19.00 price target. TTAM is uniquely positioned to cost effectively expand its domestic cement production ~25% by 2030 primarily by lowering clinker mix. This is supported by 1) a forward-looking management team, 2) the track record of the parent, 3) vertical integration with concrete, 4) state DOT approvals in Florida and Virginia, 5) ability to ramp SCM supply, and 6) early adoption amongst technology customers. While this is a unique long-term tailwind for TTAM, we believe there are some near-term headwinds. Natural gas is up ~100% over the past year (key cost in cement production) and housing permits in Florida were down 10% over L3M as housing inventory levels in the state have eclipsed pre-COVID highs (Florida housing ~25% of total sales)."

For an analyst ratings summary and ratings history on Titan America click here. For more ratings news on Titan America click here.

Shares of Titan America closed at $15.55 yesterday.

You May Also Be Interested In

• Equirus Starts JSW Energy Ltd (JSW:IN) at Long (1)
• HSBC Starts Parkway Life REIT (PREIT:SP) (PRKWF) at Buy
• JPMorgan Upgrades Largan Precision Co Ltd. (3008:TT) to Overweight