HSBC downgrades Holcim to underweight

HSBC downgrades Holcim to underweight
Published: 11 February 2011

HSBC downgrades Holcim to underweight from overweight. Energy cost inflation is likely to undermine cement margins in 2011-12 and the US construction market is likely to remain in the doldrums this year. The bank cuts its Holcim target price to CHF55 (EUR41.8) from CHF75.