Investment bank UBS has trimmed its target price for China Resources Cement (CRC) to HKD4.85 from HKD5.5. The company's stock, however, has been upgraded from ‘neutral’ to ‘buy’.

It noted that CRC's share price has already pulled back by about 30 per cent from its first quarter peak level, and believes the negatives in the macro environment and the local cement market have already been largely factored in, ET Net News reported.

CRC has been steadily climbing up the ranks of Chinese cement production both through a series of acquisitions and the creation of new capacity. Last year, the company saw its clinker capacity reach 50.2Mta (from 22.51Mta in 2009) while cement capacity reached 73.9Mta.