(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation on HeidelbergCement with a price target raised from 70 to 75 euros, believing that ‘the market is still failing to integrate the significant drop in electricity costs in Europe and a higher pricing.
“The action remains one of the most undervalued in our universe, and even below a scenario of a mid-cycle recession”, indicates the broker, which raises its estimates of results for the German cement company on the basis lower energy costs.
Stifel further notes that ‘the recently published 2022 annual report highlights the group’s leadership in CCUS (CO2 capture, storage and recovery) and its efforts around the circular economy’.
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