CRH assumed with an Overweight at JPMorgan

JPMorgan assumed coverage of CRH (CRH) with an Overweight rating and price target of $130, up from $117. The company offers high geographical and end market diversification along with a proven track record of acquisitions coupled with organic growth prospects, the analyst tells investors in a research note. The firm believes CRH’s “strong” cash flow generation make it an attractive investment and notes the shares trade at a discounted multiple relative to peers, creating room for a re-rating. JPMorgan removed CRH from “Positive Catalyst Watch” given the stock’s recent rally but views potential inclusion in the S&P 500 Index, accretive acquisitions and share repurchases as potential catalysts.