CRH: Oddo still positive after acquisition
(CercleFinance.com) - Oddo BHF reiterates its "outperform" rating on CRH shares, along with its target price of 50 euros, after the company agreed to acquire Barrette Outdoor Living, the largest provider of residential fencing and railing solutions in North America.
With the acquisition being a good opportunity for it, the broker adds that the price paid seems fairly cheap; however, it warns that exposure to US housing may be unpalatable to some investors ahead of interest rate hikes.
Nevertheless, the stock's performance should be driven by the benefits of the new federal infrastructure funding law in the US, as well as the possibility of further acquisitions or new share buybacks.
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