UPDATE: Longbow Upgrades Vulcan Materials Company to Buy on Multiple Positive Factors - Vulcan Materials (NYSE:VMC)

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In a report published Thursday, Longbow Research analyst Garik Shmois upgraded the rating on

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Vulcan Materials Company

(NYSE: VMC) from Neutral to Buy, and reiterated a $70.00 price target.In the report, Longbow Research noted, “We are upgrading VMC to a BUY with a $70 12-month target price. The recent pullback offers a good buying opportunity after the shares were range bound for the better part of the last nine months. In addition, we see several catalysts including upside to 3Q and FY15-16 estimates, recent M&A which could add 400-600 bps to annualized demand and a similar amount of upside relative to consensus expectations, a balance sheet that supports $1.4B of additional moves, and a valuation that looks better with the pullback and with estimates that we believe are set to go higher.”Vulcan Materials Company closed on Wednesday at $57.99.