The analyst believes that the stock is fairly valued. UBS therefore confirms its neutral recommendation on the stock, but raises its price target to 66 Swiss francs (from 61 Swiss francs), which represents a potential upside of 3%.

' We think the risk/reward ratio is fairly balanced at this stage in Holcim, with solid underlying growth eroded by currency headwinds. Valuation looks fair at the moment' says UBS.

The group has raised its guidance for 2023 towards a recurring EBIT margin of over 17% for the year, and its ambitions in roofing systems to reach over $6 billion in net sales and $1.3 billion in EBIT by 2026.

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