HeidelbergCement: Bryan Garnier upgrades to 'buy'

(CercleFinance.com) - Bryan Garnier has upgraded its rating on HeidelbergCement from "sell" to "buy," raising its fair value from 88 euros to 95 euros, judging the stock's valuation more attractive after being the worst performer in its sector since the beginning of the year.


In addition, the broker believes that countries hit in the first quarter (Ghana, Indonesia) are expected to pick up somewhat as from Q2, and that momentum in key markets (US, Western Europe) remains relatively strong.

Twelve months after the acquisition of Italcementi, integration risks are probably lower and the synergies are continuing, Bryan Garnier adds, which also points to the German building materials group's sound geographic mix.

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