UBS has upgraded its recommendation on Saint-Gobain from 'neutral' to 'buy', with a price target raised from €62 to €71. This new target represents a potential upside of 14% for the French building materials group's shares.

With an FCF yield of 9% and a price/earnings ratio of less than 10 times, the market is factoring in the potential for a fall in margins, which we do not believe will materialize", says the broker, who expects the share price to rise again as the end markets take a turn for the better.

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