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HeidelbergCement: shares rise on Morgan Stanley upgrade

(CercleFinance.com) - HeidelbergCement shares are up 1.
7%, the second biggest riser on Germany's DAX index, after Morgan Stanley upgraded the stock directly from "underweight" to "overweight".

In a note on the building and construction sector, the broker says it believes cement stocks provide "leverage" in a recovery and are supported by free cash flow (FCF).

Morgan Stanley has also raised its target price for the stock, from 39 euros to 58 euros.

HeidelbergCement shares have fallen by 25.5% since the start of the year, underperforming a 11.7% drop in the STOXX Europe 600 Construction & Materials index.

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