Saint-Gobain: Credit Suisse cuts target by a quarter

Credit Suisse made a deep cut in the price target on the shares of construction materials group Saint-Gobain to EUR 28 from EUR 37, while keeping its “neutral” stance.
The broker described as “shocki…

Credit Suisse made a deep cut in the price target on the shares of construction materials group Saint-Gobain to EUR 28 from EUR 37, while keeping its “neutral” stance. The broker described as “shocking” the decrease in the dividend payout to EUR 1 per share from EUR 2.05 and the capital increase, announced by the company on 20 February 2009. The analyst said the company“s 2008 financial results met expectations, but it lowered its earnings per share (EPS) forecast for 2009 and 2010 by 33% and 30% respectively.