Saint-Gobain upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Pierre de Fraguier upgraded Saint-Gobain to Buy from Neutral with a price target of EUR 87, up from EUR 62. The company’s 2024 volume expectations have been reset since May of last year, with E.U. housing downside now well telegraphed, while the U.S. residential and renovation outlook appear solid, leaving most of the cyclical pressures behind, the analyst tells investors in a research note. The firm sees upside to medium-term margin expectations as the company progresses towards a cyclical rebound.