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LafargeHolcim: Berenberg initiates coverage with 'hold'

( - Berenberg has begun to monitor the LafargeHolcim share with a "hold" recommendation and a target price of 51 Swiss francs, in a report on the European construction sector on which it takes "a broadly negative skew on the sector heading into 2021".

"We think current forecasts and multiples reflect too much optimism about the shape of a post-COVID-19 recovery," says the broker, which anticipates disappointing global construction spending for the year ahead.

Berenberg forecasts the sector's average earnings growth at 1% in 2021, against a consensus of 6%. It adopts "buy" recommendations on HeidelbergCement, "hold" on CRH and LafargeHolcim, and "sell" on Ferguson.

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