Barclays upgrades Breedon Group to 'overweight'
Breedon Group
444.50p
17:15 20/12/24
-0.22%
-1.00p
Barclays upgraded construction materials company Breedon Group on Friday to ‘overweight’ from ‘equalweight’ and hiked the price target to 450p from 380p.
Construction & Materials
11,998.68
17:14 20/12/24
-0.09%
-10.53
FTSE 250
20,450.69
17:14 20/12/24
n/a
n/a
FTSE 350
4,463.29
17:14 20/12/24
n/a
n/a
FTSE All-Share
4,421.11
17:04 20/12/24
n/a
n/a
The bank said it expects 2024 to represent a trough year for volumes and sees scope for margin upside supported by both a residential-led volume recovery from the second half and improved price/cost.
"With the balance sheet providing optionality and the stock on close to a trough price-to-earnings multiple, we see this as a valuation opportunity and upgrade to OW," it said.
At 0835 GMT, the shares were up 0.4% at 370p.