Citi cuts its price target on Titan Cement to EUR19.5 from EUR21.30 on lower EPS outlook following disappointing 3Q results.
"Our EPS forecasts fall by 17% for 2010 (on one-off losses) and by a smaller 4%-10% for 2011-12. The changes reflect the Greek downturn and a slower U.S. recovery offset by better Eastern Med. As a result, our price target falls by 8% to EUR19.5," says the bank.
