Eagle Materials

EXP · NYSE

$172.71+$3.08 (+1.82%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $169.63

EXP analyst rating

HoldConsensus of 8 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold8
Underperform0
Sell0

12-month price target · 12 analysts

Average $221.92 (+28.5% upside)

Low: $197.62
Now: $172.71
High: $248.85

Upgrades and downgrades

The latest rating actions, newest first

EXP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 13, 2026	Maintains	Neutral	$225.00 → $200.00	46%
RBC Capital	Oct 9, 2026	Maintains	Sector Perform	$219.00 → $170.00	29%
Truist Securities	Oct 8, 2026	Maintains	Hold	$210.00 → $165.00	53%
Wells Fargo	Oct 5, 2026	Maintains	Equal-Weight	$196.00 → $188.00	55%
Citigroup	Oct 2, 2026	Maintains	Neutral	$232.00 → $190.00	56%
DA Davidson	Sep 14, 2026	Maintains	Neutral	$220.00 → $207.00	52%
Wells Fargo	Sep 9, 2026	Downgrade	Overweight → Equal-Weight	$231.00 → $196.00	55%
DA Davidson	Aug 25, 2026	Initiates	Neutral	$220.00	52%
Citigroup	Aug 10, 2026	Maintains	Neutral	$240.00 → $232.00	56%
Stephens & Co.	Jul 30, 2026	Maintains	Equal-Weight	$225.00 → $230.00	57%

The case for and against

Updated Oct 16, 2026

Bull case

Eagle Materials is attractive because its heavy materials franchise benefits from durable infrastructure demand tied to the IIJA, state budgets, and accelerating data-center construction, while its domestic cement base and net importer status support long-run volume resilience. F4Q26 showed that the core businesses can outperform in a tougher environment, with wholly owned cement volume up 13.5% year over year and JV cement volume up 22.8%, helping offset modest pricing pressure of 2.3% in cement and 5.3% sequentially in wallboard. The company’s healthy balance sheet, improving utilization and efficiency, and potential value creation from separating the heavy and light businesses all strengthen the fundamental case for higher earnings power over time.

Bear case

Eagle Materials is facing a weaker fundamental backdrop as residential construction softness is pressuring wallboard volumes and pricing, with distributor purchases tracking down low single digits in 3Q26 and pricing down low single digits sequentially and high single digits year over year. The company’s wallboard business, which accounts for roughly a third of revenue, is especially vulnerable because distributor competition remains aggressive, freight costs are creating mill-net headwinds, and the Tacoma plant closure only removes about 1% of effective industry capacity. Reflecting these pressures, estimates were cut to FY27 EBITDA of $725.5 million and FY28 EBITDA of $790.2 million, while contacts now expect 2027 demand to be flat to down low single digits, limiting margin recovery.

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