Martin Marietta downgraded at Morgan Stanley on U.S. residential concerns

Morgan Stanley analyst Dillon Cumming downgraded Martin Marietta to Equal Weight from Overweight with a price target of $399, down from $409. While U.S. residential home spending still remains a relatively modest percentage of overall Martin Marietta revenues, Cumming notes that the shares have shown an increasing correlation with residential-related data points over the past year. A more persistent deterioration in these data points has resulted in a more challenged backdrop for the shares, argues the analyst. His refreshed industry-level aggregates model now only implies volume growth of about 1.6% year-over-year, the analyst added.