CRH: Morgan Stanley maintains overweight rating; ups target
(CercleFinance.com) - Morgan Stanley has reiterated its "overweight" rating on the CRH share and has nudged up its target price from 36 euros to 37 euros, adjusting its earnings estimates for the Irish supplier of building materials.
The broker explains that it is updating its valuation model for the group after the recent recovery of the US dollar, delays in the consolidation of Ash Grove and the announcement of a share repurchase program of one billion euros.
Taking into account these different factors, the broker has trimmed its 2018 EPS estimate by 2%, although has upped those for 2019 and 2020 by 1.5% and 3% respectively.
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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.
The broker explains that it is updating its valuation model for the group after the recent recovery of the US dollar, delays in the consolidation of Ash Grove and the announcement of a share repurchase program of one billion euros.
Taking into account these different factors, the broker has trimmed its 2018 EPS estimate by 2%, although has upped those for 2019 and 2020 by 1.5% and 3% respectively.
Copyright (c) 2018 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.