Saint-Gobain at hold

Credit Suisse First Boston (CSFB) said 10 July it had initiated coverage of French glassmaker Saint-Gobain at “hold”, based on caution about its ability to meet its projected growth targets.
“Althoug…

Credit Suisse First Boston (CSFB) said 10 July it had initiated coverage of French glassmaker Saint-Gobain at “hold”, based on caution about its ability to meet its projected growth targets. “Although our valuation suggests the stock is attractive, we remain cautious and initiate with a Hold recommendation,” said the brokerage. “This is mainly because of the stock“s conglomerate nature and the uncertainty surrounding the global economic outlook which makes the company“s 10% targeted growth look ambitious to us,” CSFB said in a report. At 0800 GMT Saint-Gobain was up 1.08%. The blue chip CAC-40 index was up 0.61%.