Buzzi Unicem SpA, Italy’s second- biggest cement maker, was downgraded to “reduce” from “buy,” at Nomura Holdings Inc. The brokerage said that Italcementi SpA, Italy’s largest cement maker, “now offers a better valuation risk reward” than Buzzi.

The brokerage lifted its recommendation on Italcementi to “neutral” from “reduce,” according to a research report today.
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