(CercleFinance.com) – Stifel reaffirms its ‘hold’ recommendation on Saint-Gobain, with a price target reduced from 62 to 50 euros, judging that ‘the short-term risks still counterbalance its positive medium-long-term view on the title for the time being, even at these levels’.
“The typical mid-summer rally may well pave the way for another buying opportunity later this summer,” said the broker, which anticipates July 27 earnings announcement which should be strong and could lead to a short-term rally.
‘That said, we are concerned in the future not only by volumes, but also by prices which could also weaken significantly’, he warns however, pointing to the impact of higher rates and the crisis in the cost of life on housing.
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