Bernstein initiated coverage of Holcim (HCMLY) with an Outperform rating and CHF 115 price target The firm launched coverage on European building materials, with a preference for the extremes. Bernstein prefers the commoditized, extremely localized heavy side due to their high pricing power. It also prefers the “differentiated end” of the light side spectrum, operating in efficient global markets, due to their market expansion potential and pricing power.
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