Heidelberg Materials downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Heidelberg Materials (HLBZF) to Sector Perform from Outperform with a price target of EUR 233, up from EUR 218. The firm adjusted ratings in the global building materials group as part of its 2026 outlook. RBC epacts companies who are overweight U.S. infrastructure and with self-help stories to outperform in 2026. Share outperformance will likely require acquisitions, self-help and an overweight exposure to infrastructure, the analyst tells investors in a research note. It downgraded Amrize, Heidelberg and Sika, saying the outlook for U.S. cement volumes “remains subdued.”