01:15 PM EDT, 05/21/2024 (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 by $5 to $295, using an EV/EBITDA of 12.0x our FY 25 (Mar.) EBITDA estimate, which is a premium to EXP's three-year average forward EV/EBITDA of 9.1x but a discount to peers, which are trading at an average forward EV/EBITDA of 12.7x. We raise our FY 25 EPS estimate by $0.10 to $16.35 and initiate our FY 26 EPS forecast at $18.00. EXP posted FQ4 adj. EPS of $2.24 vs. $2.79, $0.49 below consensus; sales rose 1.4% Y/Y but missed consensus by 3.0%. During FQ4, Cement sales fell 6% Y/Y, Concrete and Aggregates sales dropped 8% Y/Y, and Gypsum Wallboard and Paperboard sales fell 2% Y/Y. The majority of the miss on the top and bottom line was the result of adverse weather (relative to the prior-year quarter) and higher maintenance costs in the Cement business. We think the underlying fundamentals for EXP (and the construction materials sub-industry) remain positive, as cement demand growth should be driven by large-scale infrastructure projects and resilient residential construction.