CRH downgraded to underperform
CRH fell in Dublin and London trading as analysts at Societe Generale and Exane BNP Paribas downgraded their recommendations on the building materials company's stock.
CRH was downgraded to underperform from neutral by Exane BNP Paribas, and to hold from buy at Societe Generale.
CRH said yesterday second-half like-for-like European sales will decline more than the 5 per cent drop in the first half and growth on that basis in the Americas will be "well below" the 8 per cent posted in the first six months.
"We do not believe the market will rerate the stock until there is clear evidence that either the upturn in US volumes can compensate for weakness in Europe or margins start to recover," Exane BNP Paribas said in a note today.
CRH dropped 2.4 per cent to €14.32 as of 11.15 am in Dublin and 3 per cent to £11.25 in London.