BUZZ-Truist cuts Summit Materials rating, lowers PT to Quikrete's buyout offer price

Reuters11-27

** Truist Securities cut rating on building materials provider Summit Materials SUM.N to "hold" from "buy" in a note dated Tuesday

** SUM on Monday said rival Quikrete would buy it in a deal valued at $11.5 bln, in a move to capitalize on higher demand for building materials

** "We do not anticipate another bidder to step in and thus see little upside to the $52.50/share offer price," says brokerage

** Brokerage lowers SUM PT to $52.50 from $60; in line with Quikrete's offer price

** Up to last close, stock up 32% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))

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