Jefferies has upgraded Holcim shares from 'hold' to 'buy', with a target price reduced from 97.7 to 65 Swiss francs (cp: 59 CHF, -1%), following the spin-off of the Swiss construction materials group's North American operations.

With significant exposure to both a cyclical recovery in European construction and structural growth due to decarbonization, Holcim appears well positioned to benefit from these major themes, the broker says.

While conceding that operating leverage could be limited by margins that are already amongst the best in the sector, Jefferies believes that high cash flow should enable external growth and an attractive dividend yield for Swiss investors.


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