Morgan Stanley raised the firm’s price target on Martin Marietta to $657 from $610 and keeps an Overweight rating on the shares. The firm says its view of a U.S. cement “Super Cycle” remains on track despite the marginally lower demand in 2023 and 2024. The analyst expects tight supply/demand dynamics in the U.S. to “underwrite the next decade cycle for cement – similar to the 1950-73 construction cycle.” Morgan expects low-single-digit volume growth in 2025 through 2030, compounded by pricing which will adjust upward.
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Read More on MLM:
- Martin Marietta Declares Quarterly Cash Dividend
- Martin Marietta boosts quarterly dividend to 79c from 74c per share
- Martin Marietta price target lowered to $560 from $580 at JPMorgan
- Martin Marietta price target lowered to $615 from $630 at Loop Capital
- Martin Marietta price target lowered to $646 from $658 at Citi
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