Jefferies Downgrades Texas Industries (TXI) to Hold
Jefferies downgraded shares of Texas Industries to a Hold rating as they closed inline with the firms US$43 price target on last Friday. The firm is raising their FY11 EPS estimate to (US$1.73) from (US$1.90) as 2Q11 posts stronger than expected earnings due to an increase in pricing and volumes. Jefferies is commenting that they see cement production costs increasing in the mid to near future and is lowering their FY12 EPS estimate to (US$0.72) from (US$0.62) as a result. Published under Cement News
