Martin Marietta price target raised to $670 from $520 at Seaport Research

Seaport Research raised the firm’s price target on Martin Marietta to $670 from $520 and keeps a Buy rating on the shares. Martin Marietta has outperformed since Q4 results as the market pulled forward earnings upside from the pending acquisition of Blue Water Industries and cash inflows from divestitures that occurred in Q1. Pulling forward earnings upside has “made the stock screen as expensive,” but putting the valuation aside, the debate on Martin Marietta now centers on whether pricing momentum is sustainable, the analyst tells investors. Moving forward, there are multiple years of infrastructure and reshoring projects in the pipeline “backed by generational levels of funding and time constraints that make them less price sensitive,” while local market structures should continue improving as major players remain acquisitive, the analyst says.