Bank of America Securities analyst Michael Feniger reiterated a Hold rating on Martin Marietta Materials today and set a price target of $643.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Michael Feniger has given his Hold rating due to a combination of factors that reflect a balanced perspective on Martin Marietta Materials. The company’s Investor Day presentation did not introduce any major catalysts, which some investors found underwhelming. However, Feniger views the company’s SOAR 2030 targets as measured and indicative of a solid business model that can grow independently of macroeconomic volume changes.
Feniger acknowledges the impressive portfolio optimization efforts by Martin Marietta, including mergers and acquisitions, but notes that transaction multiples appear elevated. While infrastructure remains a strong segment for the company, with significant runway due to ongoing government spending, there is a desire for more emphasis on non-residential sectors beyond housing. Overall, Feniger maintains a Neutral stance, citing a balanced risk/reward valuation for the stock.
In another report released on August 26, J.P. Morgan also maintained a Hold rating on the stock with a $670.00 price target.