HSBC downgraded Heidelberg Materials to Hold from Buy with a price target of EUR 81, up from EUR 76. The analyst forecasts a deeper European construction downturn in 2023 and 2024, with heavy-side protected by high infrastructure exposure. Heavy-side profit will supported by a strong energy cost tailwind while “muted” energy efficiency pick-up limits upside for the light-side, the analyst tells investors in a research note.
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