CRH : Stifel downgrades its recommendation
The broker acknowledges that CRH has a reasonable exposure to housing, but notes a heavy exposure to North American infrastructures and a 'seasonality that is, surprisingly, less defensive than what we see for the sector'.
While its valuation approaches point to intrinsic value, Stifel concedes that 'this may ignore the potential for earnings uplift from a strong US infrastructure market and the group's significant financing capacity'.
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