Goldman Sachs raises ratings for majors, recovery more certain

Goldman Sachs raises ratings for majors, recovery more certain
Published: 22 April 2011

Goldman Sachs has raised Holcim (HOLN.VX) target to CHF81.70 from CHF72.40 on the assumption that global construction output has probably bottomed out, while retaining its rating at neutral. "Civil projects could remain pressured in some countries, but we don’t see this as enough to derail a steady recovery, with emerging markets continuing to grow well," said analyst Will Morgan. Lafarge and CRH were raised to buy from neutral, while Italcementi was raised to neutral from sell.