JPMorgan Cazenove launches coverage, positive on sector

JPMorgan Cazenove launches coverage, positive on sector
Published: 22 April 2011

JPMorgan Cazenove has initiated coverage of stocks in the European building material sector, rating CRH (CRH), Holcim (HOLN.VX) and Saint-Gobain (SGO.FR) as overweight, Buzzi Unicem (BZU.MI), HeidelbergCement (HEI.XE) and Lafarge (LG.FR) as neutral, and Italcementi (IT.MI) as underweight, reports Dow Jones. JPMorgan points out that stocks in the sector have begun to outperform in recent weeks, up 13% in aggregate since mid March 2011, adding: “The end of 2011 should see better conditions in developed markets’ construction, with an improvement in U.S. and continental European housing, followed by a private sector construction and infrastructure recovery, in our view.”