Jefferies reaffirms its 'buy' recommendation on Saint-Gobain with a price target raised from €80.1 to €85.5, believing the stock 'deserves to be revalued', given the group's geographic diversification and well-positioned businesses.

"Although the first quarter of 2024 may be too early to show a recovery in volumes, Saint-Gobain's guidance for fiscal 2024 appears to be coming together at a level that management is confident of beating," the broker believes.

Even taking into account the cautious sales forecasts, our EBIT assumption suggests that margins should prove resilient and be at the top end of the current target range', it continues.

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