CRH to benefit from Democrat majority in US Senate, says SocGen

Societe Generale upgraded its rating on shares of CRH on Thursday to ‘buy’ from ‘hold’ as it said the building materials group is set to benefit from a Democratic majority in the US Senate.

The bank said it was lifting its long-term EBIT margin forecast from 11.1% to 12.2%, "reflecting the upside potential offered by a large US infrastructure plan".

Including an estimated 12-month dividend per share of 68.5p, projected 12-month total shareholder return is 26.6%, SocGen said, "which warrants an upgrade to buy".

At 1220 GMT, CRH shares were up 2% at 3,448p.