Construction Partners (ROAD) saw its stock price surge 5.17% in Friday's pre-market trading session, following positive analyst actions. The company, which specializes in civil infrastructure construction and maintenance, received upgrades and increased price targets from prominent Wall Street firms, boosting investor confidence.
Baird, a leading financial services firm, upgraded Construction Partners from Neutral to Outperform, signaling a more bullish outlook on the company's prospects. Additionally, Baird raised its price target for ROAD from $112 to $122, suggesting potential upside of over 17% from the stock's previous closing price. This upgrade reflects growing optimism about Construction Partners' business model and future growth opportunities in the infrastructure sector.
Further bolstering the positive sentiment, Raymond James also increased its price target for Construction Partners, raising it from $111 to $120. This adjustment aligns with the broader analyst consensus, which maintains an overweight rating on the stock with a mean price target of $116, according to FactSet data. The multiple analyst upgrades and increased price targets indicate a strong vote of confidence in Construction Partners' ability to capitalize on infrastructure spending and deliver value to shareholders, driving the stock's significant pre-market rally.
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