UPDATE: Goldman Sachs Initiates Martin Marietta Materials at Buy on Private Construction-Driven EPS Outlook

Goldman Sachs initiated coverage on Martin Marietta Materials

with a Buy rating and a $111.00 price target. Goldman Sachs noted, "We add MLM to the Americas Buy List with 15% upside to our $111 12-month price target. We see 8% upside to consensus 2013-14 estimates driven by accelerating private construction spending growth and the resultant impact on aggregates volumes, even in a weak public construction spending environment. While the stock is up 34% over the past 15 months, it has lagged VMC (+75%) and earlier cycle homebuilders (+90%), and we see 28% upside to our undiscounted mid-cycle value of $121 in 2015-16E." Martin Marietta Materials closed at $96.19 on Wednesday.