UPDATE: KeyBanc Capital Markets Downgrades Martin Marietta Materials to Hold on Lack of Catalysts
KeyBanc Capital Markets reduced its rating on Martin Marietta Materials (NYSE: MLM) from Buy to Hold and removed its previous $88 price target.
KeyBanc Capital Markets noted, "We think the aggregates industry structure remains favorable for MLM, reflecting price power on a locally sourced and shipped product, but expect the shares to be rangebound near term as end markets remain on a slow upward grind. In our opinion, MLM shares are fairly valuing a gradual improvement in construction end markets over time, with potential synergistic upside from a sweetened offer to acquire VMC already largely reflected in shares."
Martin Marietta Materials closed at $88.11 on Monday.
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Tags: KeyBanc Capital Markets