Martin Marietta Materials (MLM) PT Lowered to $575 at BofA Securities

BofA Securities analyst Timna Tanners lowered the price target on Martin Marietta Materials (NYSE: MLM) to $575.00 (from $600.00) while maintaining a Neutral rating.

The analyst comments "MLM reported a miss (EBITDA $584mn vs cons $591mn) and lowered its FY24 guide (EBITDA $2.1-2.3bn vs $2.3-$2.44bn) due to softening private construction and mostly weather related disruption. Q2 shipments fell 11% organically: 50% attributed to weather (Texas, Midwest), 25% private construction, 25% value over volume strategy. Despite the ‘miss and cut’, pricing outlook is still intact (+11-13%), aggregates gross profit increased (+9%) and there remains building blocks for a positive 2025."

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