LafargeHolcim: Bryan Garnier cuts target price

(CercleFinance.com) - While maintaining its "neutral" rating on LafargeHolcim, Bryan Garnier has cut its fair value for the share from 55 Swiss francs to 51 Swiss francs, after the stock came under a lot of pressure on Friday following its annual results.


The broker highlights heavy depreciation, a flat dividend, the abrupt halt to its share buyback program, medium-term targets that are probably cautious and the group's decision to reduce its communication to the market.

The broker says that it nevertheless welcomes the group's new strategy, which is more in line with what investors should expect from a global cement manufacturer: growth, although uncertainties around Syria prevent it from being more positive towards the share.


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