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Saint-Gobain: Jefferies no longer a seller

( - Jefferies has upgraded its rating on the Saint-Gobain share from "underperform" to "hold," having adjusted its target price from 30.
7 euros to 24.5 euros (current price 21.8 euros), in its comments on European building materials shares.

"Defensive growth stocks have continued to outperform the more cyclical peers over the last month," the broker says, which still warns that uncertainty should continue, having cut its operating profit estimate by 10%-25% in the sector.

"The most interesting opportunities are where better entry points have opened up into stocks with more defensive or growth endmarkets, management quality, and robust balance sheets," it says, given the current context.

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