Martin Marietta price target raised to $680 from $600 at Loop Capital

Loop Capital raised the firm’s price target on Martin Marietta (MLM) to $680 from $600 and keeps a Buy rating on the shares. The company’s Q3 results and guide were directionally as expected as numbers had come down appropriately enough earlier in the quarter as it was becoming evident that major storms in Texas and the Southeast would lead to another lower-than-expected quarter and guidance reduction, the analyst tells investors in a research note. The firm adds however that on the items that Martin Marietta could control, things went pretty well as aggregates gross margin positively surprised despite lower revenues and planned inventory drawdowns.