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Saint-Gobain: Deutsche Bank raises target price

( - On Thursday Deutsche Bank raised its target price for Saint-Gobain shares by 10% from E70 to E77, while renewing its buy rating on the stock.

The broker praises the building materials manufacturer's three recent acquisitions, which will enable it to pursue its development in North America, a region that now represents over 30% of its business, while strengthening its position in lightweight materials and sustainable construction.

"This transformation is bearing fruit, with management guiding to a double-digit operating margin for the third consecutive year," it notes.

Despite this favourable operating momentum, the analyst points out that the French group's share price continues to trade at a fairly low EV/Ebitda multiple of around 5x and a P/E of around 9x.

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