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.
