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Fly News Breaks for April 11, 2019
MLM, VMC
Apr 11, 2019 | 16:30 EDT
Goldman Sachs analyst Jerry Revich upgraded Martin Marietta Materials (MLM) to Buy from Neutral and raised his price target for the shares to $232 from $207. The analyst is positive on an inflection in the aggregates pricing cycle, an acceleration in infrastructure capital expenditures, and potential return to a "steady recovery" for residential construction in 2020-2021. Further, expectations for the industry are now manageable following negative estimate revisions over the past three years, Revich tells investors in a research note. In addition, the analyst's channel discussions point to higher pricing for Martin Marietta in 2019 with improving visibility on infrastructure activity. Revich says he has constructive view of the Construction Materials group for the first time since October of 2016. On March 6 he added Vulcan Materials (VMC) to Goldman's Conviction List.
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