J.P. Morgan ups Buzzi to 'overweight' as recent underperformance seen overdone

Buzzi SpA

19/03/2026 08:33

** J.P. Morgan upgrades Italian cement maker Buzzi BZU.MI to "overweight" from "neutral", saying recent underperformance is overdone and valuation is compelling after a roughly 17% YTD drop

** JPM expects a "less aggressive" phase-out of free emissions trading system (ETS) allowances, which would particularly benefit Buzzi given it lags peers such as Heidelberg HEIG.DE and Holcim HOLN.S on decarbonisation

** It also highlights Buzzi's about 18% exposure to Germany as a tailwind from infrastructure spending, adding sector pricing power should remain intact

** It maintains its PT at 58 euros ($66), adding the group should be able to pass through higher energy costs and benefit from easier U.S. volume comparisons this year

** Out of 17 analysts that cover Buzzi, seven rate the stock "strong buy" or "buy", ten rate "hold" and no analysts rate the stock "strong sell" or "sell" - LSEG data

($1 = 0.8732 euros)

 (Reporting by Laura Contemori)

 ((Laura.contemori@thomsonreuters.com))