Heidelberg Cement upgraded to "hold"

08.07.09 - UniCredit Markets & Investment Banking

NEW YORK, July 8 (newratings.com) - Analysts at UniCredit Markets upgrade Heidelberg Cement AG (HEI) from "sell" to "hold." The target price is set to ?27.60.

In a research note published this morning, the analysts mention that the company has reported in-line results for the first five months of 2009. Heidelberg Cement has reported a 54% y/y decline in its operating income for the five-month period due to cold and snowy weather in Europe. The company has raised its cost saving goals, while expecting improvements in several markets in the near future.