Holcim downgraded to Underweight from Equal Weight at Barclays

Barclays analyst Nabil Ahmed downgraded Holcim to Underweight from Equal Weight with a price target of CHF 61, down from CHF 63. 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.