UBS said it reduced the share price target of HeidelbergCement to EUR 37.50 from EUR 38 but affirmed its "buy" stock recommendation.

Analyst Gregor Kuglitsch said he reduced his earnings per share (EPS) expectations for 2011 to 2015 by 12% on average.

This is based on lower EBIT expectations, mainly for the company's European business, and also due to higher interest charges and lower carbon dioxide prices. These would be only partially offset by positive exchange rate effects.