Heidelberg Materials upgraded to Overweight from Underweight at Barclays

Barclays upgraded Heidelberg Materials to Overweight from Underweight with a price target of EUR 106, up from EUR 70. The analyst thinks better pricing power in European cement “is here to stay,” and there is further to go for margin expansion as energy costs abate. Volumes will be muted, but this matters less than in previous cycles, while actors are more rational and valuations are attractive, the analyst tells investors in a research note.