UPDATE: KeyBanc Capital Markets Upgrades Martin Marietta Materials to Buy

KeyBanc Capital Markets has published a research report on Martin Mariette Materials

and has upgraded the company from Hold to Buy based on the stock trading at the lower end of the firm's fair value range. In the report, KeyBanc Capital Markets writes, "We think the aggregates industry structure remains favorable, reflecting price power on a locally sourced and shipped product, but expect the shares to be range bound near term as end markets remain cyclically depressed. MLM's shares represent a compelling risk/reward for investors in our opinion following a 26% pullback since February 20 (vs. S&P down 5% over the same time frame) as shares are not fairly valuing a gradual improvement in construction end markets." KeyBanc Capital Markets has established an $84 price target on Martin Marietta Materials, which is currently trading up $0.40 from Friday's $68.40 closing price.