Martin Marietta price target lowered to $515 from $560 at JPMorgan

JPMorgan lowered the firm’s price target on Martin Marietta to $515 from $560 and keeps a Neutral rating on the shares. Valuations in the construction materials group are “still a bit rich on the back of lower growth expectations,” the analyst tells investors in a research note. With a lack of short-term catalysts and an anticipated weak Q3, there could be further downside with forward fair multiples aligning with their historical average, contends JPMorgan. The firm “would be in no rush to add” positions and sees the potential for more attractive entry points “down the line.”