Shares in Ciments Francais rose as Exane BNP Paribas increased its target price on the cement company to Euro 125 and reiterated an ’Outperform’ rating, dealers said. The new target reflects a three per cent upward revision of the broker’s earnings estimates and still includes a 25 per cent discount to the group’s value on a DCF (discount cash flow) basis, Nicolas Godet and Arnaud Pinatel of Exane said in a note to clients.

’Ciments Français is well positioned for 2006, with good trends expected everywhere except in Belgium and North America. The main catalysts to operating performance should be the full consolidation of the Egyptian assets in addition to the combined positive effects of restructuring, synergies and price increases there,’ the analysts said.