Martin Marietta price target raised to $575 from $550 at BofA

BofA analyst Michael Feniger raised the firm’s price target on Martin Marietta to $575 from $550 and keeps a Neutral rating on the shares as the company “capped off a positive 2023 on a solid note.” The firm updated estimates post Q4 results and believes a higher multiple is warranted given the improving portfolio mix. However, the firm still sees a more balanced risk reward given shares are up 8% year-to-date and valuation is near the high end of the range.