Amrize initiated with an Outperform at Bernstein

Bernstein initiated coverage of Amrize (AMRZ) with an Outperform rating and $62 price target The firm notes that since listing, Amrize has underperformed Holcim by 18% and the S&P 500 by 6%. Bernstein believes that Amrize’s dominant position and exposure to structurally strong inland markets gives superior pricing power. The company also has a high share of variable costs that makes production more flexible than is generally believed. Amrize’s light-side business is exposed to strong end markets, and the firm doesn’t expect these markets to deteriorate.