CRH: Credit Suisse still a buyer, trims target price
(CercleFinance.com) - Credit Suisse reiterates an "outperform" rating on CRH shares, although has reduced its target price for them to 48 euros (from 50 euros), reflecting lower estimates and a new euro-dollar exchange rate used in its valuation when transferring the accounts to the share price.
The broker says that it is reducing its 2022-24 EBITDA and EPS estimates for the Irish building materials group by an average of 2% and 3% due to currency headwinds and higher interest costs.
Nevertheless, "Eyeing 2023 and beyond with confidence supported by significant increase in infrastructure funding, especially in North America from the $1.2 trillion Infrastructure and Jobs Act increasing federal funding by 50% over the next 5 years".
In fact, the share is currently flat this afternoon.
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