UPDATE: KeyBanc Initiates Vulcan Materials at Hold

KeyBanc is out with its report today on Vulcan Materials

, initiating VMC at Hold. In its report, KeyBanc writes, "We think VMC has a good overall portfolio of construction material businesses, albeit cyclically depressed, led by its aggregate operations. The Company's focus on reducing costs should provide solid operating leverage on incremental volume, but investor patience is warranted as we do not believe a strong recovery in demand will be a near-term catalyst, and higher debt leverage than in the past will also likely delay earnings for now." Shares of VMC closed Monday at $35.20.