UPDATE: Sterne Agee Reiterates Buy Rating for Eagle Materials Due to Stronger Product Pricing

In its Thursday May 16 report, Sterne Agee analyst Todd Vencil reiterated its buy rating for Eagle Materials

and raised its price target from $80 to $85 primarily due to higher selling prices for cement. In the report, Vencil stated, "Our new target continues to represent 8.5x our FY2017 EBITDA estimate, giving credit to EXP for cash generated through the end of FY2016, and discounting back. We continue to believe that EXP is a stock investors need to own, as we think the U.S. is in the early stages of a multi-year construction recovery; which, coupled with the nascent frac sand business, should drive significant earnings growth." Eagle Materials is currently trading at $74.73, up .85 percent since market open.