UPDATE | SAINT GOBAIN | Sheltered until visibility is restored
UPDATE | SAINT GOBAIN | Sheltered until visibility is restoredSince the publication of our sector report on 30th March, in which we designated Saint-Gobain as our top pick among the materials/minerals players, the share price has gained around 45%. The time now looks right to adopt a more prudent approach and we have decided to downgrade our rating to Neutral, with a new FV at EUR30, for the following three reasons:
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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