Good geo exposure, uncertain catalysts timing - Jefferies starts Buzzi at 'hold'

Buzzi SpA

14/07/2026 08:23

** Jefferies starts Italian cement maker Buzzi BZU.MI with "hold", citing cheap valuation and a good geographical exposure to benefit from regional recovery, but uncertainty over potential short-term catalyst 
** Buzzi has significant exposure to Germany, Eastern Europe and the U.S., which it can use better for recovery plans there than its larger peers, Jefferies says
** Buzzi's net cash position supports potential for "meaningful" M&A in its focus regions U.S., Latin America and Middle East, Jefferies says, providing for potential 10% revenue, core earnings upside
** "While this could come from 3Q26 there is risk that deals take longer" -- Jefferies
** Jefferies sets a PT of €49.5; says earnings upgrades are the likely key to any re-rating
** Out of 17 analysts covering Buzzi, eight rate it "strong buy" or "buy" and ​nine "hold"  - LSEG data

(Reporting by Mirko Miorelli)
((Mirko.Miorelli@thomsonreuters.com))