GS sees solid pricing for European cement; cuts Holcim on limited upside
23/01/2026 10:20
** Goldman Sachs says pricing for Europe's cement and construction industry looks solid, estimating an acceleration in high importing countries, despite mixed volumes suggesting muted demand in Q1 ** It cuts Holcim HOLN.S to "neutral" from "buy" on limited upside potential after the stock outperformed in recent months, while raising its PT by about 2.5% to CHF 80 ** "We continue to see Holcim leading on several fronts: notably European decarbonisation, which should drive cost leadership as CO2 becomes the largest cost item in European cement over the next decade," the broker says ** It reiterates "buy" for Germany's Heidelberg Materials HEIG.DE, saying it is ahead of a multi-year growth trend, with potential for cost cuts and M&A opportunities in heavy materials ** It confirms "neutral" for Italy's Buzzi BZU.MI, pointing to its "attractive exposure" to Germany and the European cement sector, though this is offset by risks over its U.S. and Russia exposure, decarbonisation strategy and potentially higher capital expenditures
| COMPANY | RATING | OLD RATING | PT | OLD PT |
| Holcim HOLN.S | Neutral | Buy | CHF 80 | CHF 78 |
| Heidelberg HEIG.DE | Buy | - | EUR 255 | EUR 250 |
| Buzzi BZU.MI | Neutral | - | EUR 53 | EUR 52 |