China Resources Building Materials upgraded to Buy from Underperform at Jefferies

Jefferies upgraded China Resources Building Materials to Buy from Underperform with a price target of HK$2.47, up from HK$0.94. China’s series of stimulus measures announced to end September came as a surprise with a clear objective to end deflation, says the firm, which believes this round of easing is sustainable and will help turn around demand, adding that it is positive on all commodities into Q4 under the stimulus plan and likes cement the most.