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Saint-Gobain: Jefferies upgrades stock

( - On Monday Jefferies upgraded its rating on Saint-Gobain shares from "hold" to "buy", having increased its target price for them from 41.
4 euros to 65 euros.

In a report, the US broker believes that the prospect of a "green" renovation of existing buildings with a view to the objectives set by COP27 should enable the building materials manufacturer to outperform the market in terms of growth - at least until 2030.

While it expects 2023 to be a "difficult" year for construction players, it believes that this scenario is already integrated into market forecasts and priced into the French group's stock.

Thereafter, a return to volume growth, outperformance relative to the rest of the market and resilient margins should lead to a "significant" revaluation of the stock, Jefferies concludes.

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