Exane BNP downgrades HeidelbergCement

Exane BNP Paribas has downgraded HeidelbergCements rating to “underperform” from “neutral” but raised the price target to EUR32.00 from EUR30.00.

Exane analyst, Paul Roger, reduced his expectations as the result from a survery provided a negative outlook for the European region and leading indicators were weak. Europe generates about one-third of HeidelbergCement’s buisness.

US infrastructure expenditure and higher financing costs are also likely to impact HeidelbergCement’s net profit in 2012 and 2013.