J.P. Morgan Names Reformation and Martin Marietta as Top Buys

AnalystM&A · Partnership
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Summary · why it matters

J.P. Morgan analysts issued Buy ratings on two stocks outside the market's usual favorites, sustainable womenswear brand Reformation and construction materials supplier Martin Marietta Materials. Analyst Matthew Boss rates Reformation Overweight with a $21 price target, implying a 60% one-year gain, citing mid-to-high-teens revenue growth, a 90% direct-to-consumer revenue mix, and gross margins above 60%. Reformation, which went public on July 30 at $15 per share and raised $210.9 million in gross proceeds, reported fiscal 2Q26 revenue of $155.2 million, up 24.1% year-over-year, and EPS of $0.23, and guided full fiscal 2026 net revenue to $602 million to $606 million. Analyst Adrian Huerta rates Martin Marietta Overweight with a $680 price target, a 35% gain, after the company completed its $13.5 billion acquisition of Lhoist North America, funded with $7 billion in cash and $6.5 billion in stock. Huerta expects $85 million in cost synergies by year two and $100 million to $175 million in commercial EBITDA upside, noting the lime business will be roughly 23% to 25% of Martin Marietta's operations. Martin Marietta reported 2Q26 revenue of more than $1.9 billion, up 21% and a company record, with adjusted earnings per diluted share from continuing operations of $5.

Impact on stocks 4

Materials▲ · 1 stocks
Martin Marietta Materials Inc
MLM
▲ PositiveCapitalrelevance

J.P. Morgan rates Martin Marietta Overweight with a $680 price target after its $13.5B Lhoist acquisition

Digital Finance & Tokenization▲ · 1 stocks
JPMorgan Chase & Co
JPM
± MixedCapitalrelevance

J.P. Morgan is the analyst firm issuing the Buy ratings, not a subject of the news

Defense & Geopolitical Fragmentation▲ · 1 stocks
Others▲ · 1 stocks
Reformation Inc.
REF
▲ PositiveCapitalrelevance

J.P. Morgan rates Reformation Overweight with a $21 price target, implying 60% upside

Off-coverage companies 1

Lhoist GroupPrivate± Mixed
Capitalrelevance

Lhoist North America is the acquisition target bought by Martin Marietta, mentioned only as context

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