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.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.