KeyBanc Upgrades Martin Marietta Materials (MLM), Vulcan (VMC) to Buy
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Price: $534.92 +1.84%
Rating Summary:
19 Buy, 12 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
19 Buy, 12 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Shares of both Martin Marietta Materials (NYSE: MLM) and Vulcan Materials (NYSE: VMC) have jumped midday following two intraday upgrades from KeyBanc's Rodny Nacier. The analyst boosted his investment ratings on each stock from Hold to Buy. Nacier set an $84 price target on Martin Marietta and a $43 target on Vulcan.
The analyst believes a sharp pullback in shares of MLM and Vulcan since late February is overdone.
On MLM, Nacier said, "We think the aggregates industry structure remains favorable, reflecting price power on a locally sourced and shipped product, but expect the shares to be range bound near term as end markets remain cyclically depressed."
The analyst attributed several points to the more optimistic tone on Vulcan: "1) shares trading at the low end of our fair value range; 2) a nascent recovery in VMC's cyclically depressed aggregates business; and 3) an improving balance sheet."
Shares of Martin Marietta are now up about 0.9 percent, while shares of Vulcan are up more than 3 percent.
For an analyst ratings summary and ratings history on Martin Marietta Materials click here. For more ratings news on Martin Marietta Materials click here.
The analyst believes a sharp pullback in shares of MLM and Vulcan since late February is overdone.
On MLM, Nacier said, "We think the aggregates industry structure remains favorable, reflecting price power on a locally sourced and shipped product, but expect the shares to be range bound near term as end markets remain cyclically depressed."
The analyst attributed several points to the more optimistic tone on Vulcan: "1) shares trading at the low end of our fair value range; 2) a nascent recovery in VMC's cyclically depressed aggregates business; and 3) an improving balance sheet."
Shares of Martin Marietta are now up about 0.9 percent, while shares of Vulcan are up more than 3 percent.
For an analyst ratings summary and ratings history on Martin Marietta Materials click here. For more ratings news on Martin Marietta Materials click here.
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