Goldman Sachs cuts HeidelbergCement target

Goldman Sachs cuts HeidelbergCement target
Published: 17 June 2011

Goldman Sachs has reduced its price target on the stock of German cement maker HeidelbergCement to EUR64.00 from EUR66.50, keeping a "buy" rating.

In view of negative exchange-rate effects and surging raw material prices, analyst Will Morgan has downgraded his profit projections for European building materials companies.

However, the expert expects the construction business to recover in 2012. In addition, the "buy" rating on HeidelbergCement reflects the significant potential of the company to reduce its debt.