HeidelbergCement: shares higher after target price hike.

(CercleFinance.com) - Shares in HeidelbergCement are up 0.
5% at 86.1 euros this morning, as UBS has raised its target price from 88 euros to 90 euros per share, while maintaining its "neutral" rating on the German cement maker.

The brokerage firm said it is now time for earnings growth "to start coming through."

"After three quarters of broadly flat organic EBITDA despite material synergy delivery from the Italcementi acquisition, we think it is critical that EBITDA growth now starts to flow through," UBS wrote in a note to clients.

The broker said the seasonally more important second and third quarters will be "critical" in putting the company on track to deliver on its mid-to-double digit (5% to 10%) organic EBITDA growth for 2017, while adding that the group's valuation looks "attractive".

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