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Holcim: RBC initiates coverage with 'sector perform'

( - RBC announced on Tuesday that it had initiated coverage of Holcim shares with a 'sector perform' rating and a target price of 91 CHF.

The Canadian broker expressed doubts about the building materials group's plan to spin off its North American activities and list them on the New York Stock Exchange.

Holcim believes it can create shareholder value by spinning off its North American assets, according to the 'less is more' or '2 - 2 = 5' rule, the broker writes.

They are not the first, nor the last, to want to shine in the United States, it adds.

While it acknowledges that the proposed separation makes sense, RBC points out that the plan has so far left investors cold, perhaps in the absence of more precise details concerning the operation.

In the meantime, the broker says that it expects the Swiss cement maker's share price to evolve in line with its sector.

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