Martin Marietta price target lowered to $615 from $630 at Loop Capital

Loop Capital analyst Garik Shmois lowered the firm’s price target on Martin Marietta to $615 from $630 but keeps a Buy rating on the shares after its Q2 earnings miss. The company’s results and guidance cut shouldn’t have been so surprising considering expectations were meaningfully lowered throughout the quarter, mostly on weather concern, the analyst tells investors in a research note. Outside of cost inflation, largely related to inventory purchase accounting, Martin Marietta’s gross margin was actually solid as lower energy related costs offset higher items like labor and insurance, the firm added.