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Martin Marietta Refrained From Specifics At Analyst Day, Cash Flow Strength Expected To Continue

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In a report published Friday, Stifel analyst Stanley Elliott reiterated a Buy rating on Martin Marietta Materials (NYSE: MLM), and raised the price target from $146.00 to $167.00.

In the report, Stifel noted, "We had the pleasure of attending Martin Marietta's analyst event in NYC yesterday. The event was well attended, which is not surprising given solid earnings report from earlier this week."

The report continued, "While the company refrained from providing any specific metrics around targeted mid-cycle aggregate tonnage or EBITDA, the company did put in context the transformation the enterprise has undergone over the past several years. With that as the backdrop we would expect significant EBITDA and cash flow growth as the recovery takes hold. We are increasing our target price to $167."

Martin Marietta Materials closed on Thursday at $142.08.

Latest Ratings for MLM

DateFirmActionFromTo
Jan 2021Morgan StanleyMaintainsOverweight
Dec 2020Morgan StanleyInitiates Coverage OnOverweight
Dec 2020UBSInitiates Coverage OnNeutral

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