Martin Marietta price target raised to $450 from $410 at Loop Capital

Loop Capital analyst Garik Shmois raised the firm’s price target on Martin Marietta to $450 from $410 and keeps a Buy rating on the shares. The company’s 2023 outlook was better than anticipated as the management reiterated its preliminary volume guide despite investor concerns of a modest reduction as large scale nonresidential and infrastructure projects are coming into greater focus, the analyst tells investors in a research note. Martin Marietta shares have lagged the broader building products sector this year and could now see a mean reversion, the firm added.