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Fly News Breaks for October 15, 2019
MLM, VMC
Oct 15, 2019 | 06:13 EDT
BofA/Merrill analyst Timna Tanners upgraded Vulcan Materials (VMC) and Martin Marietta (MLM) to Neutral from Underperform. The analyst expects "strong" Q3 results from the building materials names thanks to more accommodating weather driving improved volumes, lower costs, and better pricing. Despite her view that earnings growth may have peaked, Tanners is also modeling her upgrade using "peak multiples" on the stocks and believes that a "sustained re-rating" on the shares is taking place due to improved visibility on growth heading into 2020.
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