Martin Marietta Materials MLM stock has formed a candle over candle chart pattern on a slew of positive analyst mentions last week.
Martin Marietta Materials is an American company that primarily deals with the production and supply of construction materials. It operates in the aggregates industry, which involves the extraction, processing, and distribution of crushed stone, sand, and gravel. The company operates numerous quarries, distribution yards, and plants across the United States to provide materials for infrastructure and building projects. Martin Marietta Materials supplies materials for various applications, including road construction, commercial and residential development, and landscaping projects. Additionally, the company offers specialty products like asphalt, ready-mixed concrete, and cement to cater to specific construction needs.
Martin Marietta price target raised at Stifel
Stanley Elliott, an analyst with Stifel, maintained a Buy rating on the stock and increased Martin Marietta’s price target on July 14, 2023, from $410 to $493. A recent study by Stifel revealed favorable pricing conditions and trends in LSD volume for the second quarter. Other encouraging findings from the survey include the remarkably robust pricing environment, in-line The income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th..., the Midwest’s improved weather, aggregates’ relative strength, and price/cost shifting to tailwinds.
Martin Marietta price target raised at Citi
Anthony Pettinari, a Citi analyst, maintained a Buy rating on Martin Marietta’s stock on July 14, 2023, and increased the price target to $527 from $460. Due to strong pricing, a surprisingly strong housing market, and moderating costs, Building Products stocks have increased by 39% year to date. In order to account for favorable weather pushing some volumes forward and better than anticipated price/cost, the firm increased group estimates. Citi favors producers of construction materials over producers exposed to light repair and remodeling heading into Q2 reports. It believes there is room for heavy materials multiples to grow and asserts that the plot can still develop in 2024.
Martin Marietta price target raised at Jefferies
Philip Ng, an analyst with Jefferies, maintained a Buy rating on the stock and increased Martin Marietta’s price target on July 13, 2023, from $460 to $530. As the company transitions to 2024, it is raising price targets for the group because checks on building products have been generally positive and it expects estimates to rise. However, due to heightened expectations brought on by the group’s success, there may be some volatility in the near term.