HeidelbergCement: Commerzbank cuts target
(CercleFinance.com) - Commerzbank has cut its target price on German cement maker HeidelbergCement from 107 euros to 97 euros, ahead of the group's first-quarter results due on 9 May.
The broker - which maintains a "buy" rating on the stock - forecasts quarterly sales that are down 4% at 3.6 billion euros, with EBITDA down 13%, due to currency headwinds and weather conditions.
While like-for-like sales growth is to accelerate to 3.6% over the full year, the broker said it has cut its earnings estimates for 2018-2020 by 3% to 4%, in particular on stronger currency headwinds.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker - which maintains a "buy" rating on the stock - forecasts quarterly sales that are down 4% at 3.6 billion euros, with EBITDA down 13%, due to currency headwinds and weather conditions.
While like-for-like sales growth is to accelerate to 3.6% over the full year, the broker said it has cut its earnings estimates for 2018-2020 by 3% to 4%, in particular on stronger currency headwinds.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.