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Holcim: Deutsche Bank upgrades stock

(CercleFinance.com) - Deutsche Bank has upgraded Holcim shares from 'hold' to 'buy', with a target price raised from 81 CHF to 91 CHF, underlining that the group occupies an unrivalled position in the North American cement market, where it is the pre-eminent operator.


The broker estimates that the Swiss building materials supplier has around a 19% share of the cement market in the US (a market it believes is worth $20bn), and probably higher than that in Canada.

Its enormous grinding capacity, ability to promote disciplined pricing behavior and operational excellence deliver a best-in-class EBITDA margin, Deutsche Bank adds, which estimates this at 42%.


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