Berenberg cuts Buzzi to 'hold' after stock rally
18/11/2024 07:23
** Berenberg cuts Italy's Buzzi BZU.MI to "hold" from
"buy", saying that the cement maker is poised to continue
growing but its recent stock rally means most of its valuation
argument has played out
** It lifts Buzzi's PT 5% to 42 euros ($44.28) vs Friday's
closing price of 41.94 euros, up 52% YTD
** "We still believe that the US offers an attractive growth
outlook over the mid-term, underpinned by both ongoing federal
stimulus programmes and a recovering private market from 2025,"
the broker says
** Buzzi's balance sheet remains strong even after it bought
its Brazilian joint venture, with more growth opportunities
awaiting, it adds
** Out of 16 analysts that cover Buzzi, ten rate it "strong
buy" or "buy" and five "hold"
($1 = 0.9486 euros)
(Reporting by Alessandro Parodi and Philippe Leroy Beaulieu)
((alessandro.parodi@thomsonreuters.com;
philippe.leroybeaulieu@thomsonreuters.com))