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CRH's Q2 Results Supported by Infrastructure Tailwinds, RBC Says

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CRH's (CRH) Q2 results beat consensus estimates on revenue and EBITDA even amid residential headwinds, RBC Capital Markets said in a note emailed Monday.

CRH was supported by "infrastructure tailwinds" from the US Infrastructure Investment and Jobs Act, while the planned BUILD America 250 initiative is also "providing multiyear demand visibility," the note said.

RBC said the company's results showed the value of the company's "connected portfolio and weighting to US infrastructure."

The investment firm also noted that the company is active on 200 data center projects and 85% of planned US data centers are within 25 miles of a CRH facility.

Also, data centers increasingly need new power generation assets, and CRH has "the scale and capability to win multi-year contracts supplying a range of different aggregate and cementitious products," the note said.

RBC reiterated CRH's outperform rating and $165 price target.

Price: $96.90, Change: $+1.88, Percent Change: +1.98%

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