Martin Marietta downgraded to Peer Perform on valuation at Wolfe Research

Wolfe Research analyst Timna Tanners downgraded Martin Marietta to Peer Perform from Outperform without a price target. The analyst cut the building materials sector to Market Weight from Market Overweight citing fuller valuations and risk of disappointing infrastructure demand. After big 2023 margin expansion, Wolfe sees more muted growth and risks to infrastructure, the analyst tells investors in a research note. The firm downgraded Martin Marietta after its 38% rally over the past four months. It says infrastructure stimulus is “a trickle, not a gusher.”