While maintaining its 'neutral' opinion on Holcim, Oddo BHF has raised its price target from CHF 60 to CHF 70 'to reflect a valuation of US activities at nine times EBITDA, compared with six times for the rest of the Group'.

To everyone's surprise, Holcim is giving in to the temptation of the American dream and its more generous multiples", says the analyst, following the Swiss group's announcement of plans to spin off its North American activities in 2025.

The market should welcome the announcement of the spin-off of the North American business, especially as many L/S investors still prefer Heidelberg Materials to Holcim', believes Oddo BHF.

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