HeidelbergCement: Bryan Garnier still a buyer

(CercleFinance.com) - Bryan Garnier has reinstated its "buy" recommendation on HeidelbergCement, upping its fair value for the share from 89 euros to 92 euros, saying that it sees more opportunities than risks in the run-up to the group's investor day.


After a weak first quarter, HeidelbergCement should benefit from positive or improving trends over the rest of the year, the broker said, which also highlights a very well balanced presence between developed and emerging countries.

While it recognises that there are risks (energy costs, FX factors, Italian political risk), it thinks that investors have largely integrated them (the stock has fallen by 13% since early 2018), while the German group is posting growth.



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