Sterne Agee Maintains Underperform Rating on Texas Industries, Sets $32 PT

In a company report issued earlier today, Sterne Agee maintained its rating of Underperform for Texas Industries, Inc. TXI, and set a new price target of $32. In the report, Sterne Agee said, “Liquidity concerns have returned to the forefront, and we believe TXI's business is unlikely to pick up fast enough to allow the company to avoid the need for additional capital. We continue to believe that TXI's persistent liquidity concerns and high leverage ratio will result in the stock underperforming its peers, even as a recovery in its end markets takes hold.” Texas Industries, Inc. closed yesterday at $34.86.