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Wire

CRH Offers Buying Opportunity After De-Rating, UBS Says

CRH (CRH) has de-rated over 30% year-to-date despite more resilient earnings than almost every other construction stock, UBS Securities said in a report Tuesday.The report pointed to likely drivers including concerns over US cement demand, infrastructure funding cliff, uncomfortably high rates and some skepticism on recent M&A.Following the decline, the note said the shares are trading below implied sum-of-the-parts value, offering a rare opportunity to buy into one of the sector's "best" value compounders."CRH has higher earnings growth, more margin expansion and superior ROIC vs peers, and the gaps in these metrics have been expanding in recent years," the report said.UBS kept its buy rating on CRH while lowering its price target to $135 from $147, mainly to reflect lower peer multiples.Price: $87.13, Change: $-0.01, Percent Change: -0.01%

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Chip, Drug Makers to Drive Non-Residential Construction Rebound, UBS Says
US Markets

Chip, Drug Makers to Drive Non-Residential Construction Rebound, UBS Says

US non-residential construction is approaching a reacceleration, driven by semiconductor and pharmaceutical investments, UBS Securities said in a note emailed Tuesday.The brokerage expects manufacturing-related construction to rebound to more than $200 billion by the end of next year following a 25% drop to $186 billion in the last 12 months.Electric vehicle and battery plants, as well as semiconductor investments, drove the previous buildout cycle from 2021 to 2024, UBS analysts, including Steven Fisher, said."Our analysis and project tracking continues to suggest the drivers this cycle will be another round of semiconductor factories and pharmaceutical projects, in addition to some general industrial and defense related investments," Fisher wrote.UBS upgraded its 2027 growth outlook for non-residential construction to 6.7% from 6%, while lowering the 2026 view to show a 0.9% drop, all in nominal terms.The semiconductor industry has announced nearly $300 billion in year-to-date investments, according to the note. The CHIPS and Science Act, which became law in 2022, initially boosted capacity expansion, but companies have reassessed plans over the last one to two years."For some time, semiconductor manufacturers have remained relatively disciplined in their capacity expansion plans, preferring to add capacity in response to demand rather than build ahead of it," Fisher said. "That demand now appears firmly in place."Pharmaceutical companies have announced about $400 billion in new investments over the last two years, including a commitment of at least $20 billion from Eli Lilly (LLY), amid surging demand for weight loss drugs, the UBS note showed.Defense spending is also on the rise due to the evolving geopolitical situation."In addition to structural drivers discussed above, we think that cyclical drivers will add to growth," Fisher said.The Institute for Supply Management's purchasing managers' index has been expanding for eight months in a row following three years of sluggish performance, according to the brokerage. Separately, S&P Global (SPGI) said last week that manufacturing growth held steady sequentially in August.UBS said equipment rental firm United Rentals (URI) is the main beneficiary of the manufacturing capacity expansion.The brokerage is also positive on United Rentals' peer Equipmentshare.com (EQPT) and construction machinery names Oshkosh (OSK), Caterpillar (CAT), Deere (DE) and CNH Industrial (CNH).Materials providers like Martin Marietta Materials (MLM) and CRH (CRH) and some companies in the engineering and construction sector will also benefit from a pickup in factory activity, according to the note.

$CAT$CNH$CRH$DE$EQPT$LLY$MLM$OSK$SPGI$URI
Wire

Rothschild & Co Redburn Adjusts CRH Price Target to $135 From $138

CRH public company (CRH) has an average rating of buy and mean price target of $140.52, according to analysts polled by FactSet.Price: $100.41, Change: $+1.57, Percent Change: +1.59%

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Wire

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

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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Wire

Citigroup Adjusts Price Target on CRH public to $122 From $138, Maintains Buy Rating

CRH public (CRH) has an average rating of buy and mean price target of $142.74, according to analysts polled by FactSet.Price: $95.62, Change: $-0.39, Percent Change: -0.40%

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Wire

Arcosa Less Likely to Receive Superior Offer After CRH Bid, Oppenheimer Says

Arcosa (ACA) has less likelihood of receiving a superior offer following CRH's (CRH) $150-per-share acquisition proposal, with the transaction expected to be completed as proposed and shares likely to trade closer to the offer price as closing conditions are satisfied, Oppenheimer said in a Friday note.The firm said Arcosa's mix of construction materials and utility assets makes the company a strong strategic fit for CRH, with no competitive overlap in the engineered structures business.Oppenheimer said a superior offer cannot be ruled out, but it views such an outcome as less likely.The firm noted other utility structure manufacturers could face regulatory challenges in pursuing a transaction, while major construction materials companies may have limited interest in Arcosa's engineered structures business.Oppenheimer downgraded Arcosa to perform from outperform and relinquished its $150 price target following the acquisition proposal.Price: $145.09, Change: $+0.13, Percent Change: +0.09%

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Japan

Update: US Equity Indexes Mixed as Communication Services Sector Slides, Treasury Yields Surge

(Updates with index/price moves and political news from the first paragraph.)US equity indexes traded mixed ahead of Monday's close amid steep declines in communication services and rising government bond yields.The Nasdaq Composite dropped 1.4% to 26,160.44, with the S&P 500 down 0.5% to 7,465.9, while the Dow Jones Industrial Average rose 0.2% to 51,654.7. Communication services sank 4%, and consumer discretionary dropped 2%.Alphabet's (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped 5.5%, one of the steepest decliners on the S&P 500 and the Nasdaq.Netflix (NFLX) is looking to pursue additional partnerships with traditional broadcasters following the launch of its agreement with French broadcaster TF1, Chief Executive Officer Greg Peters told the Financial Times on Friday. Shares of Netflix dropped 5.8%, among the worst performers on the Nasdaq and the S&P 500.In geopolitical news, the US issued a 60-day license allowing Iran to sell oil on the international market, giving Tehran an economic lifeline as the two adversaries continued talks for a permanent peace deal, Bloomberg reported Monday.Vice President Vance and US officials claimed progress on multiple fronts, according to the Associated Press. It included the establishment of "mechanisms" to ensure the Strait of Hormuz stays open and to address fighting between Israel and Iranian-backed Hezbollah militants in southern Lebanon, the news report added.Front-month global benchmark North Sea Brent slumped 3.1% to $78.04 per barrel. The US West Texas Intermediate dropped 2.4% to $74.04 per barrel.Most US Treasury yields jumped, with the 10-year up 5.8 basis points to 4.51%. The two-year rate advanced 5.7 basis points to 4.23%.

Dow JonesNasdaq CompositeS&P 500$ABBV$ACA$AMZN$APGE$CRH$CVX$GOOG$GOOGL$MSFT$NFLX
Asia Markets

Update: US Equity Indexes Mixed Amid Steep Decline in Communication Services, Surging Treasury Yields

(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes traded mixed amid steep declines in communication services and consumer discretionary and rising government bond yields after midday Monday.The Nasdaq Composite dropped 1.2% to 26,194.83, with the S&P 500 down 0.4% to 7,472, while the Dow Jones Industrial Average rose 0.3% to 51,696.7.All sectors, except communication services, consumer discretionary, consumer staples and technology, gained. Real estate and healthcare led the gainers. Communication services sank 4.4%, and consumer discretionary was down 2%.Alphabet (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped nearly 6%, one of the steepest decliners on the S&P 500 and the Nasdaq.Netflix (NFLX) is looking to pursue additional partnerships with traditional broadcasters following the launch of its agreement with French broadcaster TF1, Chief Executive Officer Greg Peters told the Financial Times on Friday. Shares of Netflix dropped 6%, among the worst performers on the Nasdaq and the S&P 500.In geopolitical news, US Vice President JD Vance said Monday that Iran agreed to allow International Atomic Energy Agency inspectors into the country, according to media reports. "That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance was cited as saying.Iran's Foreign Minister Araghchi and the country's top negotiator Mohammad Bagher Ghalibaf are traveling to Oman to discuss the management of the Strait of Hormuz, Al Jazeera reported on Monday. The two are set to discuss consolidating Iranian arrangements for managing the strait and enhancing bilateral coordination, Ghalibaf said on Telegram, according to the news report.Front-month global benchmark North Sea Brent slumped 3.4% to $77.87 per barrel. The US West Texas Intermediate dropped 3% to $73.66 per barrel.Most US Treasury yields jumped, with the 10-year up six basis points to 4.52%. The two-year rate jumped 4.9 basis points to 4.23%. Even as oil prices have been declining since an interim peace deal was signed between the US and Iran, the market is still pricing two interest rate increases -- 25 basis points each -- by the end of this year, according to the CME FedWatch tool, following the hawkish lean seen in the June monetary policy announcement last week.In precious metals, gold futures fell 0.9% to $4,209.1, while silver futures declined 1% to $65.68.In company news, Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by technology giant Microsoft (MSFT), as part of a 20-year power purchase deal. Shares of Microsoft dropped 2.5%, among the steepest decliners on the Dow.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal of about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment. Shares of AbbVie advanced nearly 7%, one of the top gainers on the S&P 500.CRH (CRH) said it agreed to acquire building materials rival Arcosa (ACA) in an all-cash transaction valued at about $8.5 billion, expanding its infrastructure products business and strengthening its position in North America.

Dow JonesNasdaq CompositeS&P 500$ABBV$ACA$AMZN$APGE$CRH$CVX$GOOG$GOOGL$MSFT$NFLX
CRH to Acquire Rival Arcosa in $8.5 Billion Deal
US Markets

CRH to Acquire Rival Arcosa in $8.5 Billion Deal

CRH (CRH) said Monday it has agreed to acquire building materials rival Arcosa (ACA) in an all-cash transaction valued at about $8.5 billion, expanding its infrastructure products business and strengthening its position in North America.CRH will pay $150 per Arcosa share, representing a 25% premium to Arcosa's 60-day volume-weighted average share price as of June 18, the companies said.CRH's shares fell 0.9% in Monday trading, while Arcosa gained 7.4%.The acquisition reinforces CRH's position as the leading infrastructure player in North America and advances its strategy of building an aggregates-led, connected portfolio, Chief Executive Jim Mintern said in a statement.The transaction carries an enterprise value of about $8.5 billion. It implies an acquisition multiple of 11.5 times estimated 2026 adjusted EBITDA, including projected annual run-rate cost synergies of $175 million by the third year.The deal aligns with CRH's strategy of expanding its aggregates, cementitious and critical infrastructure offerings while positioning the company to benefit from growing demand for US energy and utility infrastructure, the company said.According to CRH, Arcosa adds 35 million tons of annual natural and recycled aggregates capacity across major markets in Texas, New Jersey, Arizona, Florida and Tennessee. The company added that the acquisition supports its 2030 financial targets and disciplined capital allocation strategy.Arcosa Chief Executive Antonio Carrillo said the transaction validates the company's efforts to expand in attractive markets, streamline its portfolio, reduce cyclicality and build a more resilient business focused on construction products and engineered structures.CRH intends to fund the transaction with available cash and committed debt financing. As of March 31, the company had cash and equivalents worth $3.24 billion.The companies expect the transaction to close in the first quarter of 2027, subject to shareholder and regulatory approvals. CRH said the transaction is expected to be accretive to earnings, margin and cash flow within the first 12 months after closing.Price: $110.39, Change: $-0.82, Percent Change: -0.74%

$ACA$CRH
Wire

BNP Paribas Adjusts CRH Price Target to $157 From $152, Maintains Outperform Rating

CRH public company (CRH) has an average rating of Buy and mean price target of $143.93, according to analysts polled by FactSet.Price: $113.20, Change: $+2.40, Percent Change: +2.17%

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Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of Crh Plc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target by $12 to $123, on an EV/EBITDA of 12.0x our 2026 EBITDA estimate, a discount to the U.S. peer average of 13.6x but a premium to the international peer average of 8.4x. We lower our 2026 EPS view by $0.12 to $5.93 and 2027 by $0.19 to $6.58. CRH executed aggressive capital allocation with $1.9B of divestitures and $0.9B in acquisitions, including the pending $0.7B Axius Water deal. We have a positive view of CRH's continued expansion into the attractive water infrastructure end market. Conflict in Iran poses significant headwinds, as elevated fuel costs over a sustained period could lead to construction budget constraints and prohibitive financing costs at higher for longer interest rates. Labor challenges remain a concern, in terms of both availability and cost. We see only slight adjusted EBITDA margin expansion in 2026, up 20 bps to 20.7%. Valuation limits upside potential, with shares trading ~15% above its two-year historical forward average EV/EBITDA.

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Wire

Citigroup Adjusts CRH Price Target to $146 From $159

CRH (CRH) has an average rating of buy and mean price target of $144, according to analysts polled by FactSet.Price: $116.64, Change: $-1.79, Percent Change: -1.51%

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Research

Research Alert: Crh Q1: 9% Ebitda Beat On Margin Expansion; Capital Redeployed To Higher Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CRH delivered strong Q1 2026 results with revenues of $7.4B (+9.1% Y/Y, +4.2% vs. consensus) and adjusted EBITDA beating consensus by 9.2% with 18.4% growth to $0.6B as margins expanded 70 bps to 8.0%. The company's diversified portfolio strategy led to differentiated segment performance, with Americas Materials Solutions posting 21% revenue and 75% EBITDA growth, while International Solutions achieved 32% EBITDA growth with 130 bps margin expansion. Management reaffirmed 2026 guidance with net income of $3.9B-$4.1B and adjusted EBITDA of $8.1B-$8.5B. CRH executed aggressive capital allocation with $1.9B of divestitures and $0.9B in acquisitions, including the pending $0.7B Axius Water deal. We expect residential markets to remain challenged by restrictive financing from higher rates and potential hikes if fuel prices trigger inflation. Strong cash generation enabled a 5% dividend increase and $0.3B buyback program, though net debt increased to $15.8B with leverage at 2.0x.

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Research

Wells Fargo Upgrades CRH to Overweight From Equalweight, Price Target is $135

CRH public company (CRH) has an average rating of buy and mean price target of $144, according to analysts polled by FactSet.

$CRH

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