Citi raises Lafarge's target share price and changes recommendation

Analysts at Citi have changed the recommendation on Lafarge from neutral to buy. Furthermore, Citi has increased the target share price for the French construction materials group to €53. Though there remain issues in the Middle East, Citi says the US market and emerging market are showing signs of positive change for 2013. The international financial conglomerate also expects Lafarge to sell more assets as part of its plan to reach debt of under €10 billion in 2013. Lafarge has reported that its costs are
December 17, 2012 Read time: 1 min

Analysts at Citi have changed the recommendation on 725 Lafarge from neutral to buy. Furthermore, Citi has increased the target share price for the French construction materials group to €53.

Though there remain issues in the Middle East, Citi says the US market and emerging market are showing signs of positive change for 2013. The international financial conglomerate also expects Lafarge to sell more assets as part of its plan to reach debt of under €10 billion in 2013. Lafarge has reported that its costs are down and its price strategy is likely to compensate for lower volumes sold in 2012.

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Lafarge says its latest half-year figures show that its actions to generate sales growth and cash, and to improve returns, led to a third consecutive quarter of positive trends. In the second quarter sales were up 5% to €4.261 billion and the current operating income up 11% to €755 million, while “strong cash generation and cost savings measures are on track.” EBITDA rose 8% to €1.007 billion.

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