UPDATE: D.A. Davidson Reiterates Neutral Rating, Lowers PT for Vulcan Materials

In a morning research summary published earlier today, D.A. Davidson & Co. reiterated its Neutral rating for Vulcan Materials Company

, but lowered its price target from $46.00 to $39.00. D.A. Davidson said its new price target “reflects 16x our fiscal 2012 EBITDA estimate, slightly higher than where the shares traded in the previous construction upturn of 10x-15x. Equity market pressure and Martin Marietta's blocked bid for the company have weighed on the shares. Macroeconomic concerns could weigh on near-term capital spending initiatives while contract lettings in key states have been soft recently. Given these concerns and current multiples, we remain on the sidelines for now and reiterate our Neutral rating.” Vulcan Materials Company closed on Friday at $34.22.