Analysts at Berenberg have raised recommendation on HeidelbergCement’s stock to "buy" from "hold" as concerns over a slowdown in Indonesia are limited.

"We have reviewed HeidelbergCement's Indonesian exposures and our scenario analysis suggests that downside risk posed by a temporary slowdown here is relatively limited," Berenberg analysts said in a note, raising their price target to EUR63 from EUR50.

Shares in HeidelbergCement rose 1.8 per cent to the top of Germany's blue-chip DAX index following Berenberg’s upgrade, according to a report by Reuters.