JPM still leans towards 'heavy' names in European building materials; ups Buzzi, Sika
** J.P.Morgan continues to favor the "heavyside" sub-sector among European building materials, though notes its outpeformance over the "lightside" names might moderate
** In its latest review, it upgrades Italy's Buzzi BZU.MI to "overweight", which rises around 6%, and maintains Germany's Heidelberg HEIG.DE as its top pick
** JPM cites cheaper valuation for Buzzi compared to sector staples like Heidelberg and Holcim HOLN.S, and high exposure to Germany
** In the "lightside" space it upgrades Sika SIKA.S to "neutral" citing the stock's underperformance
** France's Saint-Gobain SGOB.PA remains JPM's key "lightside" pick as it flags valuation upside on strategy execution and an upcoming volume increase
COMPANY | RATING | OLD RATING | PT | OLD PT |
|---|---|---|---|---|
BUZZI BZU.MI | Overweight | Neutral | 54 EUR/Shr | 45 EUR/Shr |
SIKA SIKA.S | Neutral | Underweight | 186 CHF/Shr | - |
HEIDELBERG HEIG.DE | Overweight | - | 235 EUR/Shr | 217 EUR/Shr |
HOLCIM HOLN.S | Overweight | - | 75 CHF/Shr | 70 CHF/Shr |
SAINT-GOBAIN SGOB.PA | Overweight | - | 115 EUR/Shr | - |
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