UPDATE: KeyBanc Capital Markets Downgrades Martin Marietta Materials to Hold on Lack of Catalysts

KeyBanc Capital Markets reduced its rating on Martin Marietta Materials

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.