Martin Marietta resumed with a Buy at Stifel

Stifel analyst Brian Brophy resumed coverage of Martin Marietta (MLM) with a Buy rating and $559 price target The firm likes the long-term construction materials market structure, which it believes supports mid- to high-single digit annual pricing growth in aggregates and mid-single digits in cement over the cycle. These pricing gains should outpace costs, creating line of sight to margin expansion for the group, the analyst tells investors in a research note. Stifel likes Martin’s strategic focus on aggregates and the likely continued shift toward additional aggregate mix over time.